Bank of Korea Doubles Down: Banks to Lead Stablecoin Revolution in South Korea
The Bank of Korea (BOK) has reinforced its mandate that won-denominated stablecoins must be issued through bank-led consortiums. As deposit token pilots progress, the central bank is positioning traditional financial institutions at the heart of the nation's digital asset evolution.
This firm stance has become a major friction point in South Korea’s digital asset bill, creating a rift between industry groups and policymakers. The push for bank-led structures and a new statutory policy body aims to ensure stability but continues to delay critical legislative progress.
The BOK's months-long effort to keep stablecoin issuance under traditional banking structures has polarized the industry. This regulatory tug-of-war remains a significant sticking point in the advancement of South Korea's comprehensive digital asset bill.
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