South Korea’s banks sprint to own the crypto game before new rules hit

South Korea’s biggest banks are suddenly in a mad dash to grab their slice of the crypto pie.

Why now? Because big changes are coming, new laws are about to roll out that’ll make it easier for banks to launch stablecoins and offer crypto services.

It’s like getting the green light on the expressway, and these banks don’t want to miss the fast lane.

Lighting a fire

Once upon a time, not long ago, South Korean banks were already dipping toes into crypto back in 2018 and 2019.

Then, the Moon Jae-in government slammed the brakes, banning ICOs and tightening crypto rules hard enough to freeze any momentum.

But now, with President Lee Jae-myung stepping into the spotlight in mid-2025, it’s a whole new ballgame.

Lee’s all about digital finance and blockchain innovation, he’s flipped the script, loosening the reins and lighting a fire under the country’s stalled crypto scene.

So, what’s happening on the ground? Banks ain’t just sitting pretty anymore. Woori Bank is resurrecting an old crypto plan, teaming up with blockchain startups to get back into crypto custody.

They’re even building a Digital Asset Team right under their New Business Alliance Platform, think of it as the muscle pushing new crypto moves.

KB Kookmin is no slouch either. They rolled out a Digital Asset Response Council that’s prepping the whole KB Financial Group to pivot on a dime as policies shift, forging partnerships far and wide.

These are banks treating the crypto race like the playoffs, every second counts.

Quick entry

And these moves aren’t just smoke and mirrors. Shinhan has a solid 20-person crypto task force digging deep into crypto, while KB Kookmin is playing chess, not checkers, filing 32 trademarks for Korean won-backed stablecoins, and 49 for others. Strategy? Lock down your IP, protect your turf.

Don’t think it’s just the big fish swimming. Regional players like K Bank, known for buddying up with crypto giant Upbit, have their own crypto squads.

Busan Bank’s even scouting blockchain tech to see where it fits in their playbook.

The laws are still on the desk, waiting for final approval in the National Assembly.

Still, banks are jumping ahead, betting that being ready first means winning the biggest slice when the legislation hits.

One insider told the local news outlets that these preparations are key to quick entry once the green light flashes.

Crypto future

So, the crypto market in South Korea is waking up from its Sleeping beauty dream.

The era of freezing investments and playing it safe is likely over, and now it’s a bullish sprint toward innovation, stablecoins, and digital wallets, all underpinned by a shaky but hopeful new legal framework.

South Korea’s banks are suiting up for the crypto future, and they’re coming in hot.