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FollowingSouth Korean banks and technology companies continue to promote digital asset projects, but regulatory regulations are delayed but not stopped
Despite repeated delays in South Korea's cryptocurrency regulatory regulations, the country's banks and technology companies continue to expand digital asset projects. Various institutions are actively promoting the construction of stablecin pilots, blockchain settlement networks and cross-border payment infrastructure. Before South Korea's 2027 regulatory framework is introduced, companies are already preparing for tokenized securities and fund management systems.
Rules are undecided, companies come first
According to a16z crypto's SungMo Park, despite repeated delays in South Korea's Basic Law on Digital Assets, major banks, companies, exchanges and technology companies continue to expand their digital asset infrastructure. Before final regulatory rules clarify the issuance of stablecoins and the ownership structure of cryptocurrency exchanges, various institutions are advancing the construction of pilot, cooperation and settlement networks.
Regulatory discussions between the Bank of Korea (BOK) and the Financial Commission are still ongoing. The Bank of Korea supports bank-led stablecoin issuance, while the Financial Commission prefers a broader regulatory framework. Despite the uncertainty, many companies continue to build digital asset infrastructure. Naver announced a $10.3 billion agreement to acquire the operator of South Korea's largest cryptocurrency exchange, but regulatory uncertainty delayed the transaction.
At the same time, KB Financial completed a pilot stablecoin backed by the Korean won. According to SungMo Park, the pilot includes issuance, merchant payments through Seoul QR codes, and cross-border remittances to Vietnam within minutes.
Banks and companies expand digital asset projects
As activities continue, more institutions have launched blockchain projects. Hyundai Motor demonstrated the use of stablecoins in fund management at its global subsidiaries. Kakao has also formed a banking alliance around a Korean won backed token. At the same time, Toss is testing similar products in its user network.
According to SungMo Park, Asiana Bank's US$670 million investment and Samsung's US$408 million investment both make it a shareholder in Upbit, South Korea's largest cryptocurrency exchange. These investments occur before lawmakers finalize the digital asset framework.
Focus shifts to cross-border infrastructure
According to SungMo Park, institutions are increasingly paying attention to interoperability between domestic payment networks and the global stablecoin system. Banks are building settlement and remittance infrastructure to connect local Korean won instruments with U.S. dollar stablecoins.
Capital markets companies are also preparing for tokenized securities infrastructure before the 2027 amendments to the Capital Markets Act take effect. At the same time, corporate fund management departments are evaluating the use of stablecoins for international fund management and cross-border payments.
SungMo Park added that South Korea's strategy is to combine domestic Won-based infrastructure with global U.S. dollar liquidity access. He also pointed out that while regulatory discussions are still ongoing, the main strategic roles that agencies continue to assess include settlement, issuance, custody, distribution and cross-border fund management.
