South Korea delays evaluation of banking sector proposals for crypto regulation reforms.
Banks seek expanded crypto participation through Korea Federation lobbying efforts.
Bank of Korea warns won-pegged stablecoins may undermine monetary policy control.
South Korea’s Presidential Transition Committee has confirmed it is not conducting detailed reviews of banking sector proposals to ease digital asset regulations and expand nonbanking business opportunities. Committee spokesperson Cho Seung-rae explained that the panel continues to sort through various proposals and align them with existing policy frameworks and campaign pledges. He also added that stablecoin measures receive no special consideration during this organizational phase.
The Korea Federation of Banks has actively lobbied the new administration for regulatory overhauls that would enable greater banking participation in the digital asset sector. Their compiled proposals emphasize that virtual assets currently exist outside traditional banking oversight despite financial institutions’ increasing involvement in cryptocurrency services.
Banking Industry Argues for Regulatory Framework Updates
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