South Korean Banks Race To Launch Crypto Services Before Regulatory Changes

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.. The post South Korean Banks Race To Launch Crypto Services Before Regulatory Changes appeared first on 99Bitcoins.

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Aug 5, 2025 - 01:00

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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.