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South Korean banks increase the initiatives of crypto and stablecoin before new legislation and signal a major shift in the regulatory attitude.
As the US progress forward with the brilliant law to regulate the payment StablecoinsOther nations quickly follow the action and South Korea is one of the most active.
The main South Korean banks now accelerate their crypto strategies and create specialized teams and plans to publish and manage Stablecoins by Maeil Kyungjae news.
“As the discussion of the legalization of stablecoins is quickly warming up, the banking sector is now taking proactive measures.”
This rush of activities comes in anticipation of new legislation, which could officially illuminate such operations, signaling the growing readiness of the country to accept the economy of digital asset.
Which banks showed interest?
According to Maeil, Woori Bank has introduced a full “digital assets team” under its new Business Partnership platform.
This group, which contained digital specialists, revives sleeping projects such as a crypt binding and examines fresh alliances with Blockchain Firms.
Meanwhile, KB Kookmin Bank operates a virtual assets consulting body across its associated companies.
The unit has the task of building digital assets, adapting to politicians and coordination initiatives across insurance, securities and weapons of asset management.
Hana Bank also examines the issuing infrastructure for Korean reserved stablecins. Shinhan Bank has deployed 20 persons on prototype services and secure trademarks in advance.
Local players like Busan Bank and K-Bank are entering the rupture.
Trademarks, technical pilots and market timing
In addition to the internal preparations of South Korean creditors, bold external movements are taking off. KB Kookmin filed 81 trademarks related to stablecoin. 32 for winning and 49 for foreign currency couples.
Shinhan performs tests of the proof of the concept, reviews regulatory scenarios and suggests integration plans for Stablecoin products.
Woori plans to commence “Vitgo Korea”, a department focused on Stablecoin with foreign partners and has already signed new agreements in space.
Clearer rules, faster actions
South Korea reviews new accounts for defining stablecoins, cryptal links and instructions for exchange of digital assets.
This reflects a sharp deviation from the US, where the regulation remains fragmented and the supervision of the agency is divided.
The Genius law includes only payment stablecoins, while the roles of SEC and CFTC continue to overlap.
On the other hand, the Act on Digital Asset in South Korea (DABA) offers one unified legal framework, including tokens, NFT and custody rules.
Will it lead to strengthening crypto?
Sangmin SEO, head of the Kaia DLT Foundation Foundation, stressed that the regulatory clarity of South Korea could soon become a model for other countries.
Seo it best when he said,
“The Korean policy in these elections considers Krypto to be a narration to gain voters’ kindness and rank it as another national growth module except AI and semiconductors.”
