South Korean crypto season is officially underway! Some of South Korea’s largest lenders are set to launch their crypto and stablecoin-related services as the date for regulatory changes approaches.
According to a local media article published on 3 August 2025, several banks in South Korea are in the process of creating dedicated organisations in preparation for the upcoming legislation that will enable them to issue and operate stablecoins.
Furthermore, the publication mentions that banks are looking to form a consortium to quickly enter the crypto space in South Korea.
Major South Korean banks such as Woori and Shinhan had initially formulated their plans to enter the crypto space as early as 2018-2019. However, former President Moon Jae-in and his administration decided to ultimately ban initial coin offerings, thereby forcing Woori and Shinhan to shelve their plans.
The current administration, however, under President Lee Jae-myung, is pro crypto, and as such, multiple committees within the National Assembly are reviewing a comprehensive suite of pro-industry reforms designed to stimulate growth and sort out regulatory ambiguity.
🧵 Thread: South Korea’s banks & the crypto pivot
🇰🇷 Big lenders are mobilizing for upcoming stable-coin laws. “As discussions on legalizing stablecoins heat up rapidly, the banking sector is now taking proactive measures.” https://t.co/PtLxmhsYIJ (1/5)— Kris Townsend (@kristownsendd) August 4, 2025
Banks tasting blood in the water are closing in fast to take advantage of the situation. For instance, Woori has launched a specialised Digital Asset Team that oversees initiatives ranging from stablecoin development to the rollout of digital wallet services.
This newly formed nine-member team is a part of Woori’s New Business Alliance Platform Department.
Additionally, the bank has also signed a partnership agreement with a blockchain startup to revive its crypto custody ambitions. The publication mentions that Woori has also partnered with several unnamed entities to build a stablecoin consortium.
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KB Kookmin Bank Joins South Korean Crypto Fray
While Woori Bank has somewhat of an early lead, KB Kookmin isn’t resting on its laurels. The bank formed a Digital Asset Response Council in June of this year as an initiative to drive a cohesive, group-wide strategy across its KB Financial Group affiliates.
Since then, the council has prepared for potential policy shifts by drafting a series of rapid response scenarios and is currently exploring partnerships with external players such as insurance firms, credit card issuers, securities companies and asset managers.
The council aims to strengthen strategic alignment in the crypto space across the KB ecosystem.
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KEB Hana Forms Working Group To Tackle Issues Around Won-Pegged Stablecoins
Another major South Korean bank, KEB Hana Bank, has formed a working group, pulling in talent from key departments to tackle issues around won-pegged stablecoins. This working group is to lay down the groundwork for future digital infrastructure projects.
KEB Hana has copied a bit of Woori’s homework in developing a joint venture crypto custody initiative, eyeing international expansion.
Meanwhile, Shinhan Bank has assembled a crypto task force made up of 20 employees.
Other banks in the country, including the Upbit partner K Bank and Busan Bank, are also on war footing to prepare for the reforms.
In the backdrop of all this, the trademark race is in full swing with KB applying for 32 marks tied to won-backed stablecoins and 49 more linked to foreign currency pegged tokens.
The publication adds, “if stablecoins are legalised, financial firms need to quickly launch related services to secure a lead in the market.”
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Key Takeaways
- South Korean banks accelerate crypto initiatives amid the region’s regulatory reform momentum
- Woori Bank, KB Kookmin Bank and KEB Hana are currently leading the charge
- KB Kookmin has filed 32 trademarks for won-backed stablecoins and 49 for foreign currency pegged tokens
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