The Governor of the Bank of Korea, Lee Chang-yong, warned of the risks of non-bank institutions issuing Korean won stablecoins, stating that it could lead to monetary policy chaos and forex regulatory conflicts similar to the "Free Banking Era" of the 19th century. The South Korean financial sector is actively preparing a dual-track plan for the legalization of stablecoins: banks may form joint ventures to issue coins while also engaging in cooperation with non-bank institutions. It is noteworthy that the Bank of Korea has suspended its central bank digital currency CBDC Han River project phase two testing, shifting its focus to observing the stablecoin legislative process and the coexistence model of CBDC/stablecoin/deposit token.

Gate News bot news, Circle (CRCL), listed in New York, has become a breakout stock in Seoul for June. According to Bloomberg, South Korean retail investors have poured nearly $450 million into the stock of Circle Internet Group. This surge in investment has made Circle the stock with the highest overseas buying volume this month and one of the top four popular stocks of the year.

Circle Internet Group is highly sought after among retail investors in South Korea, with a cumulative purchase of $450 million in June, and its stock price has risen over 500% since its listing. This phenomenon is related to the reform of the legalization of the Korean won stablecoin, and KakaoPay's stock price also rose by 160% during the same period.

Odaily News Bitcoin investment company Parataxis Holdings LLC announced that it has reached a final investment agreement worth 25 billion Korean won with Bridge Biotherapeutics, Inc. This transaction gives it control over the latter, and after the deal is completed, Bridge Biotherapeutics will be renamed Parataxis Korea and continue to be listed on the KOSDAQ market in South Korea. The company is expected to announce more details about this transaction after holding a shareholders' meeting in August. (PRNewswire) According to previous news, Parataxis Holdings LLC plans to merge with the special purpose acquisition company SilverBox Corp.

Gate News bot reports that, according to local news cited by The Block, South Korea's top financial authority submitted a roadmap for approving local Spot Crypto Assets exchange-traded funds on Thursday.

Gate News bot, according to News1, South Korea's Jeju District Court has issued a verdict on a cryptocurrency theft case. A woman in her 40s was sentenced to 2 years in prison for fraud. The court found that A, in January 2024, during the period when his lover was asleep, unauthorizedly transferred approximately 683 million Korean Won (about 500,000 USD) worth of assets from her Crypto Assets wallet to his own account, while also stealing a mobile phone and cash totaling approximately 4.6 million Korean Won. A certain individual admitted to all charges in court and stated that most of the assets had been returned. The court took into account the defendant's criminal record and the amount involved when sentencing, ultimately issuing a prison sentence.

PANews, May 16 news, according to Money Today, a woman in her 40s from South Korea was sentenced to two years in prison by the Jeju District Court for secretly transferring her boyfriend's Crypto Assets worth 700 million KRW (500,000 USD) to her own name. In January of this year, she transferred the funds without her boyfriend's knowledge, and the court found her guilty of fraud.

PANews, July 3rd, reported that MoneyS has stated that South Korea's KB Kookmin Card has submitted 35 trademark applications related to stablecoins, involving names such as "KBCSTB", "KBCST", and "KBCKRW". This move is part of a broader strategy by the South Korean credit card company to gain an advantage in the anticipated KRW-pegged stablecoin market. KB Kookmin Card is the second major credit card issuer in South Korea to enter this field, following Shinhan Card.

According to Gate News bot, the Korean police conducted a raid on a criminal group suspected of raising 100s of billions of won through the operation of fraudulent overseas crypto asset exchanges, as reported by the Korean News Agency. The police arrested 2 crypto asset exchanges and 3 operators on charges of violating the Foreign Exchange Transaction Act and the Electronic Financial Transactions Act.

PANews June 26 news, according to the Korea Herald report, South Korean prosecutors raided a group suspected of earning billions of won in fees through unregistered forex operations, seizing crypto assets worth 4.4 billion won (approximately 3.2 million USD), including Ether. The group is suspected of conducting illegal currency exchanges over the past six years, profiting from transaction fees by receiving personal funds and using online payment platforms to deposit into different currency accounts.

According to Gate News bot, South Korean media Newsway reported that despite several unnamed executives from Circle recently holding discussions with officials from the Central Bank of Korea and members of Congress, the Central Bank of Korea remains lukewarm towards the proposal of launching a Korean won stablecoin.

Gate news, on Thursday (June 19), during the early Asian market, the price of Raydium (RAY) surged over 18%. The main reason for this price surge is that South Korea's largest Crypto Assets exchange announced it will list the RAY/KRW and RAY/USDT trading pairs, which will open for trading at noon on June 19 (local time).

Gate News bot message, despite a recent meeting with USDC stablecoin issuer Circle, the Bank of Korea remains lukewarm towards the proposal to launch a Korean won stablecoin.

ChainCatcher news, Lair Finance announced that it will become the first DeFi protocol integrated with the Korean Won (KRW) stablecoin on Kaia, and will be the first to build a dedicated KRW yield vault (KRW Vault). The KRW stablecoin is jointly promoted by South Korean tech giants Kakao and LINE, marking an important move in the on-chain finance sector. After the announcement, 12

Jin10 reports that the Governor of the Central Bank of Korea, Lee Chang-yong, does not oppose the Korean won being pegged to a stablecoin.

Jin10 reported on May 29 that Hanmi Semiconductor announced it has signed a supply contract for packaging equipment with ASE Group, with a contract amount of 80.456 billion KRW, equivalent to 1.44% of Hanmi Semiconductor's revenue in 2024.

According to ChainCatcher news and reported by South Korean media News1, South Korean actress Hwang Jung-eum has been sued for allegedly misappropriating company funds and investing in Crypto Assets. The prosecution accused Hwang Jeong-eum of embezzling approximately 4.34 billion won (about 3.2 million USD) in company funds as of December 2022, which includes 700 million won borrowed under the guise of an advance payment. Hwang Jeong-eum has admitted to the related charges and is currently being prosecuted without detention.

According to the Gate.io News bot, News1 reported that South Korean actress Hwang Jung-eum faced her first public trial at the Jeju District Court for embezzling 4.34 billion won from her controlling agency to invest in Crypto Assets. During the hearing on May 15, Hwang Jung-eum's lawyer acknowledged the related charges and stated that the investment was made with the consideration of the company's development, and the investment returns belong to the company. Currently, Hwang Jung-eum has repaid part of the losses by selling Crypto Assets and planning to sell real estate, and the court has agreed to continue the compensation process.

According to ChainCatcher news and a report from Bithumb, due to some Virtual Asset Service Providers (VASP) suspending their Travel Rule solution services, it is no longer possible to withdraw virtual assets worth more than 1 million KRW to VASP.

PANews, July 1st news, according to Edaily, South Korean fintech startup Travel Wallet has signed a Memorandum of Understanding (MOU) with the Layer1 Blockchain platform Avalanche to jointly explore the development of a Korean won-based and Programmability stablecoin. As part of the collaboration, Travel Wallet plans to issue a stablecoin pegged 1:1 to the Korean won and use smart contracts to design a programmable stablecoin.

According to Gate News bot, The Block reports that as the United States rapidly advances stablecoin legislation, South Korea has made cryptocurrency pegged to the currency its latest economic focus.

A South Korean court on Tuesday acquitted Haru Invest CEO Lee Hyung-so and dismissed fraud charges against him, according to Gate News bot. South Korean prosecutors initially said the company illegally obtained 1.39 trillion won ($1.02 billion) from about 16,000 investors. In the formal indictment, the amount involved was adjusted to 880.5 billion won (about 650 million U.S. dollars), and the number of investors involved was 6,000. Prosecutors had asked the court to sentence Lee Hyung-so to 23 years in prison. Source: TheBlock.

BlockBeats news, on June 17, reported by The Block, that a South Korean court announced on Tuesday that Haru Invest CEO Lee Hyung-soo was found not guilty, dismissing the fraud charges against him. Lee Hyung-soo was previously facing fraud charges after Haru Invest suddenly closed user withdrawal channels and shut down its office in June 2023. It was alleged that the company attracted thousands of investors by promising "full principal refund" and high returns of up to 25% annually. The South Korean prosecution initially charged the company with illegally obtaining 1.39 trillion won (approximately 1.02 billion USD) from about 16,000 investors, but later reduced the amount to 880.5 billion won (approximately 650 million USD) in the formal indictment, involving about 6,000 people.

South Korea's new president, Lee Jae-myung, is quickly making good on his campaign promise to allow local companies to issue stablecoins, further boosting one of the world's most active digital asset markets. Lee Jae-myung has been a vocal supporter of the adoption of stablecoins. On Tuesday, Lee's ruling Democratic Party proposed the Basic Law on Digital Assets, which aims to increase transparency and encourage competition in the cryptocurrency industry. According to the bill, a stablecoin can be issued if a South Korean company has at least 500 million won ($367,876) in equity capital while ensuring a refund through a reserve guarantee. South Korea is already a hotbed of cryptocurrency activity, with more than one-third of the population (about 18 million people) participating in the digital asset market. In some cases, the trading volume of domestic cryptocurrency exchanges has even surpassed that of South Korea's Seoul Composite Index and South Korea's Growth Enterprise Market Index (KOSDAQ) index.

Gate News bot message, Sisa Journal reported that the ruling Democratic Party of Korea officially submitted the draft "Basic Law on Digital Assets" on June 10. The bill is led by Min Byeong-deok, a member of the National Assembly's Political Affairs Committee and chairman of the Special Committee on Digital Assets, and plans to reduce the minimum capital requirement for stablecoin issuance companies from 5 billion KRW to 500 million KRW ( approximately 368,000 USD ). This move aims to create a more favorable market environment for fintech and crypto startups. In response, the Bank of Korea has expressed a cautious stance, emphasizing that improper institutional design poses risks of undermining the status of the Korean won as legal tender, as well as affecting the effectiveness of monetary policy and financial stability.

According to Gate News bot, the Korea Herald reported that South Korean presidential candidate Lee Jae-myung proposed the establishment of a stablecoin market denominated in Korean won. Lee Jae-myung pointed out that local stablecoins help reduce dependence on foreign currencies, stabilize the financial system, and retain economic value domestically. Currently, South Korea only allows the trading of USD stablecoins such as USDT and USDC, and has not yet opened the issuance of the Korean won stablecoin. Data shows that in the first quarter of 2024, South Korean cryptocurrency exchanges recorded an outflow of 568 trillion KRW (approximately 40.8 billion USD), with about 50% related to USD stablecoin transactions.

According to Gate News bot, local media reports that South Korean actress Hwang Jung-eum has sparked controversy due to her embezzlement of company funds to invest in crypto assets. The production team of the SBS Plus reality show "Single Inferno" stated, "Hwang Jung-eum's video clips will not appear in the final cut, and comments from the host will be minimized." Hwang Jeong-eum admitted during her appearance at the Jeju District Court last Thursday that she embezzled approximately $3.1 million (4.34 billion KRW) from her family-owned business to purchase Crypto Assets. The South Korean prosecution has filed charges against her under the Act on the Aggravated Punishment of Specific Economic Crimes.

According to Gate News bot, the Seoul Economic Daily reports that South Korea's IBK Industrial Bank and Shinhan Financial Group have submitted trademark applications for the Korean won stablecoin. IBK Enterprise Bank applied for 10 trademarks including "IBKKRW", "IBKRW", and "ONEIBK" on the 27th, covering stablecoin electronic transfer services and blockchain-based digital financial asset management.

According to Gate News bot and Cointelegraph, the Central Bank of South Korea has postponed testing its Central Bank Digital Currency (CBDC) due to the increasing support from the country's government for its local stablecoin.

Gate News bot news, according to Maeil Business Newspaper, the Central Bank of Korea has suspended its CBDC project ahead of the second round of testing. The reasons for the suspension include an increase in the number of complaints from participating banks and more discussions about the won stablecoin. Currently, KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, IBK Compan

KakaoPay's stock price has risen over 200% in the past month, benefiting from expectations of its entry into the stablecoin space. The company has submitted six stablecoin patent applications covering multiple service areas while following policy dynamics to address potential regulatory changes.

Gate News bot message, the Financial Services Commission (FSC) of South Korea has submitted a proposal to launch a Spot Crypto Assets ETF in the second half of 2025 and to regulate stablecoins. This move marks a reversal of the restrictive policies that were in place before the new government took office in South Korea.

According to Gate News bot and reported by The Block, the stock price of South Korean mobile payment service giant KakaoPay has risen by over 200% in the past month, as people increasingly expect that this giant will enter the stablecoin-related field in the near future. The company is a subsidiary of Kakao, one of South Korea's largest internet groups.

Odaily News South Korea's payment giant Kakao Pay has submitted 18 trademark applications related to "KRWKP" to the Korean Intellectual Property Office, covering service categories such as stablecoin names, payment settlement, and crypto assets wallets. Analysts believe that this move may be aimed at preparing for the launch of its own Korean won stablecoin. Kakao Pay responded that the trademark registration is a proactive protective measure to address future diversified business, and there are currently no specific business plans. (Seoul Economic Daily)

PANews June 9 news, KaiaChain Chairman Sam Seo stated on social media that following the launch of the native USDT, the team will fully promote the issuance of the Korean won (KRW) stablecoin on the Kaia Mainnet, claiming "The summer of Kaia's stablecoin has just begun." He also added that Kaia's predecessor Klaytn had participated in the Central Bank's CBDC project, laying the technical foundation for the stablecoin. Driven by this news, the KAIA token rose 17% in 24 hours, priced at 0.124 USD.

On June 9, South Korea's presidential office said that South Korean President Lee Jae-myung urged officials on Monday to quickly develop a supplementary budget plan aimed at supporting economic recovery and stimulating consumption. Lee Jae-myung, who took office last week, has made reviving the economy a top priority, setting up an emergency economic task force composed of government officials. South Korea's economy shrank in the first three months of the year as exports and consumption stagnated amid concerns about the impact of U.S. tariffs, triggering expectations of interest rate cuts. If the additional budget is finalized under Lee Jae-myung's leadership, it will add to the country's earlier supplementary budget of 13.8 trillion won ($9.7 billion) approved on May 1. During the election campaign, Lee stressed the need for an additional budget to provide short-term economic stimulus.

The Bank of Korea emphasizes that it should intervene from the initial review stage when launching a stablecoin supported by the Korean won to reduce negative impacts on Central Bank policy. Stablecoins may affect monetary policy, financial stability, and payment Settlement.

According to Gate News bot, CoinDesk reported that Circle has become the most favored overseas stock among the South Korean public, with a net buying amount of 450 million USD this month. Circle's current price-to-earnings ratio is as high as 187 times, far exceeding that of TradFi fintech companies. At the same time, as the new president Lee Jae-myung accelerates the process of legalizing the Korean won stablecoin, South Korea...

PANews, May 12 - According to a report by Yonhap News Agency, the Bank of Korea emphasized that if a stablecoin backed by the Korean won is launched, the central bank should intervene from the initial approval stage. Ko Kyeong-cheol, head of the Bank of Korea's electronic finance team, stressed at a recent financial law conference that stablecoins could have a significant impact on the central bank's ability to implement policies related to monetary policy, financial stability, and payment Settlement. He emphasized that the Bank of Korea should play a role in the approval process to minimize the potential negative impact of digital assets on the central bank's policy objectives.

Gate News bot message, a senior official of the Central Bank of Korea said on Tuesday that during President Lee Myung-bak's term, Korea is promoting a Crypto Asset-friendly policy, allowing banks to issue Stable Coins first, and then gradually expanding to non-bank sectors.

Gate News bot message, South Korea's largest bank KB Kookmin has submitted a trademark application related to Stable Coin, which is in line with South Korea's continuous efforts to establish a legal basis for promoting Stable Coin linked to this coin. According to the Korean Intellectual Property Office (KIPRIS), Kookmin Bank submitted 17 trademark applications on Monday and Tuesday, with application codes KBKRW, KRWKB, KBST, and KRWST.

Gate News bot message, the Central Bank of Korea is advocating the phased introduction of a Stable Coin denominated in Korean won, with priority given to strictly regulated commercial banks for the initial issuance. Ryoo Sang-dai, senior deputy governor of the Bank of Korea, stated that this is aimed at managing the potential impact of these digital assets on monetary policy and financial stability.

PANews, June 18 - According to Kaiko data, as of this month in 2025, the crypto trading volume in South Korean Won (KRW) has reached $663 billion, making it the second largest crypto assets market in the world, following the United States dollar ($832 billion). About one-third of South Korean adults hold crypto assets, which is double that of the United States, indicating a growing influence in politics and economics. However, structural issues such as market fragmentation, low stablecoin adoption rates, and Kimchi Premium continue to constrain institutional participation and product innovation.

According to Gate News bot, South Korean news agency Newsis reported that the Governor of the Central Bank of Korea, Lee Chang-yong, is scheduled to attend a bank president dinner at the Bank Hall in Seoul on June 23, where he will discuss topics related to the Korean won stablecoin with the attendees. Previously, the Central Bank of South Korea took a cautious stance on the issuance of Korean won stablecoins by non-bank institutions, considering the effectiveness of monetary policy and financial stability.

Gate News bot, according to news reports, South Korea's Left Party candidate Lee Jae-myung defeated his right-wing opponent Kim Moon-so, who received 41.15% support, with 49.42% of the votes, and was successfully elected as the new president of South Korea. Lee Jae-myung said that he will actively promote the development of South Korea's cryptocurrency industry, including opening up local spot cryptocurrency ETFs, developing the won stablecoin market, improving the digital asset regulatory system, and relaxing blockchain regulation in specific regions to promote innovation. As one of the largest Crypto Assets markets in the world, South Korea currently has about 9.7 million trading users, accounting for 20% of the country's total population. Against the backdrop of a shift in the Financial Services Commission's attitude, Lee Jae-myung is expected to advance his encryption policy implementation, contrasting with the previous president Yoon Suk-yeol's failure to fulfill the crypto-friendly commitments.

According to the Gate News bot and TheBlock, the election results in South Korea have been announced, with Lee Jae-myung elected as the new president with a voter turnout of 49.42%. This election saw a turnout rate of 79.4%, setting a new high in 28 years. Lee Jae-myung announced multiple cryptocurrency-related policies: promoting the adoption of local spot crypto ETFs, establishing a Korean won-pegged stablecoin market to control domestic capital flow. In addition, he plans to improve the second phase of the digital asset regulatory framework, focusing on stablecoin regulation and exchange transparency requirements, and to relax regulations in blockchain special zones to support innovative development.

On Tuesday, South Korea's voter turnout reached 79.4%, the highest level in 28 years. Lee Jae-myung defeated right-wing opponent Kim Moon-soo with a vote rate of 49.42% (41.15%). Lee Jae-myung vowed to address South Korea's urgent economic challenges, including providing more support for low-income families and small business owners, while also committing to laying a more solid foundation for South Korea's Crypto Assets industry. Lee Jae-myung's Crypto Assets commitments include the launch of Spot Crypto Assets ETF in South Korea. Since the unexpected success of the U.S. Crypto Assets ETF, South Korean financial authorities have been considering this plan. As of today, any local issuance and trading of Crypto Assets ETF are prohibited. Another key initiative is the approval of stablecoins pegged to the Korean won. Lee Jae-myung stated during a discussion last month that South Korea needs to establish a stablecoin market based on the Korean won to prevent domestic capital outflows.

BlockBeats news, on May 21, South Korean presidential candidate Lee Jae-myung proposed the issuance of a stablecoin based on the Korean won. (Jin10)

U.S. officials did not include exchange rate policies in the terms of the global trade agreement negotiations, raising concerns in the forex market. Treasury Secretary Basant is the only official responsible for exchange rate matters and has not authorized other officials to engage in exchange rate policy discussions. This situation has led to significant fluctuations in the forex market, with the Korean won and Japanese yen exchange rates soaring, and the New Taiwan dollar's rise reaching a decades-long high.

According to Gate News bot, ChosunBiz reported that Alpha Asset Management, operated by Choi Joon-hyuk, the husband of the famous South Korean actress Jun Ji-hyun, has incurred massive losses after investing in the gaming company Wemade. Data shows that Alpha Asset Management invested a total of 35 billion KRW to purchase Wemade shares from 2023 to 2024, and the current stock price has fallen by 28%, resulting in a paper loss of 15.8 billion KRW. The background causing the fall in stock prices is the second delisting of the virtual currency Wemix issued by Wemade's subsidiary from the Korean exchange. Previously, Wemix suffered a hacker attack, resulting in a loss of approximately 9 billion won in assets. Source: ChosunBiz