Major banks in South Korea are actively implementing projects related to stablecoins and digital assets to stay ahead of legal trends.
In the context of increasingly lively discussions about the legalization of stablecoins, many banks in South Korea have established dedicated teams for digital assets, preparing for the rapid development of the cryptocurrency market in the country.
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Major banks like Shinhan, Woori, and KB Kookmin are focusing on developing working groups on digital assets.
A series of trademark applications related to stablecoins have been submitted by banks to anticipate the new law.
Local banks and exchange partners are also building blockchain research teams in preparation for the future.
What specialized teams have South Korean banks established regarding stablecoins and digital assets?
Major banks Shinhan, Woori, and KB Kookmin have established specialized teams focused on digital assets and stablecoins to develop related products and services as soon as possible.
Woori Bank currently has a team of 9 members focused on completing projects related to stablecoins and digital wallets, while also collaborating with many blockchain startups. KB Financial Group has established a special committee to coordinate resources among its subsidiaries in insurance and securities to create synchronization in digital asset operations.
Why are South Korean banks actively preparing for the legalization of stablecoins?
The National Assembly of South Korea is currently reviewing bills to pave the way for financial institutions to issue stablecoins, creating a favorable environment for the official development of digital asset services.
Recognizing the potential and strategic importance, many banks have proactively submitted up to 81 trademark applications related to stablecoins. This is a step to quickly dominate the market and apply new regulations as soon as they are issued. Preparing in advance gives banks a competitive advantage and allows for rapid product launch once the policy is approved.
What strategies do local banks and cryptocurrency partners have to keep up with trends?
Alongside major banks, regional banks such as KEB Hana Bank and Busan Bank have also established Blockchain research groups to explore the application of new technology.
In particular, K Bank – a partner of Upbit – has also formed a dedicated team for digital assets. According to many industry experts, although the law still needs time to be finalized, early preparation will help banks quickly apply and expand services as soon as official regulations come into effect.
To maintain a competitive position in the rapidly developing digital asset market, banks need to act quickly and be fully prepared for legal changes.
Mr. Lee Dong-won, Chief Digital Strategy Officer, Woori Bank, 2024
Frequently Asked Questions
Which South Korean bank is leading in the working group on stablecoins?
Shinhan Bank, Woori Bank, and KB Kookmin Bank are three major banks with their own dedicated teams for digital assets and stablecoins.
Why are banks registering so many trademarks related to stablecoins?
Trademark registration helps banks protect ownership rights, ready to launch products as soon as the law allows.
What does early preparation mean when cryptocurrency laws are not yet complete?
Early preparation helps banks accelerate the launch of services quickly, taking advantage of market opportunities when the law comes into effect.
What actions have local banks taken in the blockchain field?
In addition to major banks, banks like KEB Hana and Busan Bank are also forming research groups on blockchain to grasp technology.
Which bank is a partner of the Upbit exchange in the digital asset sector?
K Bank – a partner of Upbit – has established a dedicated team for digital assets.
Source: https://tintucbitcoin.com/ngan-hang-han-day-nhanh-kinh-doanh-tien-so/
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