Bank of Korea forms committee to oversee crypto market
South Korea’s central bank is ramping up its involvement in the crypto sector by launching a Virtual Asset Committee to oversee digital asset activities and support stablecoin legislation.
The new team, previously known as the Virtual Asset Team, will play a key role in coordinating with the government on regulatory initiatives related to stablecoins and other digital currencies, according to Yonhap News.
This move aligns with broader legislative developments as lawmakers push forward stablecoin-related bills and local banks explore won-pegged digital assets. The Bank of Korea (BOK) sees the new unit as a vital bridge between regulatory efforts and the private sector’s digital finance innovations. The launch follows President Lee Jae Myung’s election, whose pro-crypto stance included promises to legalize crypto ETFs and stablecoins.
CBDC team restructured amid test delays and legal uncertainties
As part of its institutional overhaul, the BOK has renamed its Digital Currency Research Team to simply the Digital Currency Team, signaling a more hands-on approach to digital currency initiatives. The rebranded team will be supported by two new divisions: the Digital Currency Technology Team, which handles research, and the Digital Currency Infrastructure Team, tasked with building digital voucher and deposit token platforms. While the BOK had initially planned a retail CBDC test phase between April and June 2025, that program was postponed amid mounting concerns over costs and legal clarity. Officials say discussions may resume once regulatory frameworks are more clearly defined. Despite the pause, BOK Governor Lee Chang-yong emphasized that digital currency—regardless of format—is a necessary future evolution for the nation.
Korean banks favor stablecoins over CBDCs for digital future
South Korean commercial banks are increasingly positioning themselves as leaders in the stablecoin sector, viewing bank-issued won-pegged stablecoins as a more viable solution than central bank digital currencies. Eight major banks have announced plans to roll out such stablecoins by late 2025 or early 2026, seeking to capitalize on the digital payment trend without relying on a central CBDC framework. Deputy Governor Ryoo Sangdai has voiced support for this approach, advocating for banks to act as initial stablecoin issuers before allowing expansion into other industries. This preference reflects a shift in South Korea’s digital currency landscape, with banks aiming for practical, market-led solutions over state-controlled ones. The BOK’s new digital asset initiatives suggest that while CBDCs remain on the table, stablecoins may take the lead in South Korea’s digital financial evolution.
Recently we wrote that South Korea’s Financial Services Commission (FSC) is preparing a comprehensive investigation into the transaction fees charged by domestic cryptocurrency exchanges, signaling a shift toward cost transparency and user protection.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
