South Korea’s top banks are moving fast into crypto and stablecoins. They’re not waiting around. Shinhan, Woori, KEB Hana and KB Kookmin have all set up in-house teams to build custody services, digital wallets and even their own coins.
Market observers disclosed that KB Kookmin launched a Digital Asset Response Council in June. This council covers credit cards, insurance and securities affiliates across KB Financial Group. The goal is clear: set up rapid-response plans for any policy change and team up with outside partners.
Reports have it that Shinhan Bank has a 20-member crypto task force on the job. It’s working on custody, wallets and token services. At the same time, KB Kookmin has applied for 32 trademarks for won-based stablecoins and 49 more for coins pegged to other currencies. They’re staking their claim early.
It’s not just the big names. K Bank, a digital-only lender linked with Upbit exchange, set up its own digital asset task force. Busan Bank, a regional lender, now has a blockchain research team to look at ledger uses in finance. Even these smaller outfits want in on the action.
Institutions see a clear path ahead once rules land. They know legacy systems will need upgrades for on-chain settlements. And they face stiff competition from crypto-native firms. But spin-up now, they figure, and they’ll be ready to hit the ground running.
South Korea’s banks are taking no chances. They’re building teams, filing trademarks and lining up partners today. That way, when the law changes, they won’t be scrambling from behind. Instead, they’ll be right there at the front of the pack.
Featured image from 1 Life on Earth, chart from TradingView
