South Korea’s Banks Bet Big On Crypto As Legal Guardrails Take Shape

South Korea’s top banks are accelerating their push into cryptocurrency and stablecoin services, with Shinhan, Woori, KEB Hana, and KB Kookmin establishing dedicated teams for custody solutions, digital wallets, and proprietary coin development. Woori Bank has reactivated a stalled crypto initiative, forming a consortium to explore won-pegged stablecoins, while KB Kookmin’s cross-affiliate Digital Asset Response Council aims to navigate regulatory shifts.

Shinhan Bank’s 20-member task force is advancing custody and tokenization infrastructure, mirroring KB Kookmin’s aggressive intellectual property strategy—filing 81 trademarks for currency-linked stablecoins. This institutional momentum marks a stark reversal from the Moon Jae-in administration’s 2018-2019 ICO crackdown, coinciding with global reevaluations of crypto policy frameworks.