In South Korea, on July 8, 2025, major banks saw stock price increases following applications for Korean won-pegged stablecoin trademarks. This was a significant development in the country's financial sector. The news reflects a growing interest in digital assets within the traditional banking system.
Kakao Bank's stock rose by 19.3%, Kookmin Bank's by 4.3%, and the Industrial Bank of Korea's by 10.1%. The surge coincided with the inauguration of President Lee Jae-myung on June 4, 2025, who supports digital asset initiatives. The Financial Services Commission (FSC) is working on the second phase of cryptocurrency regulations, focusing on stablecoin transactions.
The Bank of Korea (BOK) intends to actively participate in shaping stablecoin legislation. The BOK emphasizes the need for a strong regulatory framework to mitigate potential risks. These actions indicate a dynamic shift in South Korea's financial landscape.