The Governor of the Bank of Korea, Lee Chang-yong, will hold a closed meeting on June 23, 2025, with leaders of the country’s largest banks to discuss the prospects for issuing stablecoins backed by the Korean won. The event will take place at the central bank’s headquarters in Seoul, with the participation of the deputy responsible for monetary policy and financial markets, Park Jeong-woo.
This is reported by Finway
Regulatory Approach of the Bank of Korea
The discussion will focus on developing a regulatory framework for the regulation of stablecoins and the issuance of digital assets denominated in the national currency. According to local media, the Bank of Korea advocates a cautious stance, supporting restrictions on the issuance of stablecoins by non-bank organizations. At the same time, the leading political party in the country consistently lobbies for the easing of regulatory requirements for this sector.
Pressure from Political Forces and the Private Sector
In mid-May, Lee Chang-yong already met with leaders of six key banks — KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and IBK Industrial Bank — to discuss issues related to the implementation of stablecoins. The dialogue between the central bank and the private sector is becoming increasingly active, largely due to the election victory of pro-cryptocurrency candidate Lee Jae-moon.
On June 10, 2025, the ruling party submitted the “Fundamental Law on Digital Assets” to parliament. The document allows for the issuance of stablecoins by non-bank institutions, provided their equity capital is at least 500 million won (approximately 368,000 USD).
“The central bank takes a cautious position on this issue, leaning towards banning the issuance of stablecoins by non-bank counterparties.”
The current situation indicates a growing interest in the implementation of stablecoin technologies in South Korea’s financial system and active discussions about the future regulation of this market.