Catenaa, Monday, August 04, 2025-South Korea’s major banks are rapidly preparing to enter the cryptocurrency and stablecoin markets as new legislation moves closer to approval, signaling a major shift after years of restrictions.
According to Maeil Kyungjae, the country’s leading business newspaper, banks including Woori, Kookmin (KB), KEB Hana, and Shinhan have formed specialized teams and consortia to build crypto-related services, including stablecoin issuance and custody.
Woori Bank recently established a nine-member Digital Asset Team focused on stablecoins and digital wallets and has signed agreements with blockchain startups to revive custody plans.
KB created a Digital Asset Response Council to coordinate crypto strategies across its financial group and explore partnerships with insurance, securities, and asset management firms.
KEB Hana formed a crypto working group targeting won-pegged stablecoins and joint custody ventures, while Shinhan launched a 20-person crypto task force.
This flurry of activity follows a policy pivot under President Lee Jae-myung, who has promoted crypto-friendly reforms since his June election.
Banks previously shelved crypto plans amid former President Moon Jae-in’s ban on initial coin offerings.
Industry insiders told Maeil Kyungjae that banks are moving proactively to secure a competitive edge once stablecoin legislation is enacted, acknowledging the likely delay between approval and implementation.
