Bank of Korea Establishes Dedicated Cryptocurrency Team

The Bank of Korea announced on the 29th a reorganization aimed at strengthening its response to the cryptocurrency market, including Won-denominated stablecoins. Effective the 31st, a 'Virtual Asset Team' will be established, and the 'Digital Currency Research Office' will be renamed to 'Digital Currency Office.' The removal of 'Research' from the name emphasizes its function as an actual business unit.

The Virtual Asset Team will be set up within the Financial Payments Bureau and will specialize in monitoring the Won-denominated stablecoin market and legislative discussions. Within the Digital Currency Office, Technical Team 1 will be restructured into the 'Digital Currency Technology Team,' and Technical Team 2 into the 'Digital Currency Infrastructure Team.'...