South Korea’s Central Bank Doubles Down on Crypto with New Stablecoin Division

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The Bank of Korea (BOK) is stepping up its crypto game—launching a dedicated virtual asset division to oversee the market and draft regulations, local outlet News1 revealed Tuesday.

Housed under the financial payment systems bureau, the new team will drive internal discussions on Korean won-backed stablecoins. The BOK also upgraded its “Digital Currency Research Team” to the “Digital Currency Team,” hinting at a shift from research to real-world implementation.

The move comes as South Korea accelerates its stablecoin efforts. After the US greenlit dollar-pegged stablecoins under Trump, President Lee Jae Myung vowed to boost a homegrown stablecoin market to prevent capital outflows. A ruling party lawmaker has already submitted a bill to regulate KRW stablecoins.

Meanwhile, major banks and payment providers are jumping in, filing trademarks for stablecoin branding—proving the private sector isn’t waiting around.