South Korean Central Bank Unveils New ‘Cryptoassets Department’
Main Idea
The Bank of Korea (BOK) has established a new 'Cryptoassets Department' to monitor the crypto market, including stablecoins, while pausing its CBDC rollout plans in response to government stablecoin legalization efforts.
Key Points
1. The BOK created a 'Cryptoassets Department' to oversee the crypto sector, including Korean won-pegged stablecoins and legislative work on CBDCs.
2. The Digital Currency Research Lab was renamed the Digital Currency Lab and will focus on testing token usability.
3. The BOK paused its CBDC rollout plans, aligning with the government's stablecoin legalization initiatives.
4. The Financial Services Committee is set to gain regulatory powers over the stablecoin industry, potentially reducing the BOK's role.
5. Private sector companies have already registered KRW stablecoin trademarks in anticipation of regulatory approval.
Description
South Korea’s Central Bank has announced it will reorganize its structure to include a “cryptoassets department” as a wave of public sector stablecoin -related activity continues to build momentum. The South Korean media outlet News1 reported that the Bank of Korea (BOK) has established a new division named the “Cryptoasset Department.” The headquarters of the Bank of Korea, in Seoul, South Korea. Cryptoassets Department: New BOK Division to Monitor Crypto Sector The BOK also announced that its ...
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