The Bank of Korea's restructuring includes a new 'Virtual Asset Team' to monitor stablecoins and support legislative discussions on digital currencies.
The Bank of Korea announced the creation of a 'Virtual Asset Team' and the renaming of its 'Digital Currency Research Lab' to 'Digital Currency Office' to improve its response to the cryptocurrency market. This restructuring aims to monitor the won-denominated stablecoin market and facilitate legislative discussions, aligning with President Lee Jae-myung's commitment to promote domestic stablecoin issuance as a measure against capital outflows. Additionally, South Korean banks are filing trademark applications for stablecoin ticker symbols.