PANews reported on August 4th that, according to Cryptonews, as discussions regarding the legalization of stablecoins rapidly heat up, major South Korean commercial banks are accelerating their business plans related to cryptocurrencies and stablecoins. Shinhan Bank, Woori Bank, and KB Kookmin Bank have established dedicated working groups on digital assets. Woori Bank has formed a nine-person team to advance its stablecoin and digital wallet business and has also partnered with blockchain startups. KB Financial Group has established a digital asset response committee to coordinate resources across its insurance and securities subsidiaries.

Currently, the South Korean National Assembly is reviewing several crypto reform bills, including one allowing financial institutions to issue stablecoins. Banks believe that early preparation can help them seize the initiative, and have applied for 81 stablecoin-related trademarks. Furthermore, regional banks such as KEB Hana Bank and Busan Bank have established blockchain research teams, and Upbit's partner, K Bank, has established a digital asset task force. Industry insiders say that while legislation will take time, preparing in advance will facilitate the rapid launch of services once the policy is implemented.