The political shift under President Lee Jae-myung has created a more crypto-friendly environment, reversing previous bans on crypto activities.
South Korea’s leading banks are eyeing faster entry into the crypto and stablecoin markets. The announcement comes as executives around the crypto industry predict upcoming laws at the national level will pave the way for mass issuance of stablecoins and other digital asset services.
The move prompts the biggest lenders, including Shinhan, Woori, KEB Hana, and KB Kookmin, to create in-house task forces and digital asset teams. These dedicated divisions are creating crypto custody services, stablecoins, digital wallets, and blockchain partnerships.
Among those, Woori Bank is a typical example. In its latest move, it established the Digital Asset Team, which is currently working under its New Business Alliance Platform Department. The team is responsible for researching and building out these services across the bank’s strategic operations.
The bank is also rebooting an older crypto project, entering a business agreement with a blockchain startup for re-entrance into the cryptocurrency custody arena.
According to Maeil Business Newspaper, Woori Bank plans to sign a business agreement and form a consortium with other companies to enter the stablecoin market actively. This agreement and consortium were already in motion by November of last year.
KB Kookmin Bank is not far behind. In June, it launched a Digital Asset Response Council. This group coordinates a system-wide approach across its numerous KB Financial Group affiliates, including credit card, insurance, and securities firms. The council is preparing rapid-response strategies for policy shifts and actively pursuing partnerships with internal and external players.
Lawmakers respond swiftly to political shift
That is a dramatic change from just a few years ago. Korean major banks prepared for crypto tasks in 2018 and 2019. But that idea got put on hold after the Moon Jae-in administration banned Initial Coin Offerings (ICOs) and introduced tight regulations across crypto-related services.
But now, led by President Lee Jae-myung, things have changed. Lee has been a vocal advocate of digital finance innovation and blockchain deployment, and has introduced regulated crypto infrastructure after he assumed office in the summer of 2025. Under his administration’s friendly policies, the country’s moribund crypto market began to pick up.
In response, South Korean lawmakers are reviewing several pro-industry reforms. These proposed laws are currently sitting with various committees in the National Assembly and could be passed within the coming months. The legislation is expected to provide a legal framework for stablecoin issuance, crypto custody services, and possibly digital asset exchanges operated by traditional financial institutions.
Banks are treating the anticipated legal shift as a green light. According to Maeil Kyungjae, the country’s top business newspaper, institutions are moving swiftly to secure their place in the emerging market.
A banking insider told the publication that, although the reforms had not yet been implemented, they would take time to effect. For this reason, the insider explained, the industry believed that preparing in advance would allow firms to enter the market quickly once lawmakers introduced new legislation.
Lenders target markets with stablecoin trademarks
Beyond team formations, banks are taking additional steps to protect their future interests in the crypto space. Shinhan Bank has assembled a 20-member crypto task force dedicated to researching and developing digital asset services.
KB Kookmin Bank is leading the way in intellectual property protection. It has submitted 32 trademark applications for stablecoins based on the Korean won and 49 more for stablecoins based on other currencies.
Regional and even smaller institutions are getting ready. A specialized digital asset task force has been established by K Bank, a digital-first bank well-known for its collaboration with Upbit, one of the biggest cryptocurrency exchanges in South Korea. Another regional organization, Busan Bank, has a blockchain research team that assesses distributed ledger technology applications in the financial industry.
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