Bank of Korea Plans Virtual Asset Team to Monitor Crypto Market

South Korea's central bank plans to create a virtual asset team to manage its crypto sector strategy, as reported by News1.

The team will monitor the digital asset market.
It will discuss legislation specific to cryptocurrencies.
Focus includes Korean won-denominated stablecoins.

This announcement aligns with the country's evolving crypto regulations under President Lee Jae-myung, elected in June. Lee aims to support a domestic stablecoin market to retain national wealth.

Existing laws include the Virtual Asset User Protection Act, passed in 2023, which addresses digital asset definitions and penalties for unfair transactions.

The Bank of Korea has not provided comments on this initiative.