Bank of Korea launches new crypto oversight unit
A new crypto oversight team is being formed to support stablecoin policy and regulatory coordination.
The Bank of Korea is forming a virtual asset committee to monitor the country’s growing crypto market and support legislative developments around stablecoins. The new Virtual Asset Team will assist regulators and handle policy matters on digital assets and stablecoins.
As part of this shift, the central bank has renamed its CBDC-related units to reflect a more business-driven approach. The newly titled Digital Currency Team replaces the former Digital Currency Research Team.
Two additional teams, Digital Currency Technology and Digital Currency Infrastructure, will focus on testing platforms and voucher systems using deposit tokens.
Although South Korea’s central bank postponed its CBDC trial in late June due to regulatory uncertainty and concerns from local banks, discussions are expected to resume once legal issues are addressed.
At the same time, the country’s major banks are preparing to issue stablecoins pegged to the Korean won by 2025 or 2026, with support from the Bank of Korea for a bank-led rollout.
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