South Korean Banks Accelerate Crypto Preparations Ahead of Regulatory Shift

South Korea's financial sector is mobilizing for a potential crypto renaissance. Major lenders including Shinhan and Woori are reviving dormant digital asset plans, establishing dedicated teams and consortiums to capitalize on impending stablecoin legislation. The policy reversal follows President Lee Jae-myung's pro-crypto stance, marking a dramatic pivot from the previous administration's restrictive approach.

Banking executives anticipate swift passage of reforms currently before National Assembly committees. "We're positioning for first-mover advantage in institutional crypto services," said a senior Shinhan banker, speaking on condition of anonymity. The preparations suggest growing institutional conviction that South Korea will emerge as a regulated hub for digital assets in 2024.