KakaoBank Prepares to Enter South Korea’s Stablecoin Market
KakaoBank is set to enter South Korea's stablecoin market. Key points include:
- KakaoBank CFO Kwon Tae-hoon stated the firm is considering stablecoin issuance and custody.
- The move aligns with South Korea's evolving digital asset regulations.
- KakaoBank has experience from its participation in the now-cancelled Bank of Korea CBDC pilot.
- The bank emphasizes its capability in KYC and AML frameworks due to previous compliance work.
- A task force within the Kakao ecosystem, including KakaoPay, is focused on stablecoin strategies.
- The venture has sparked retail interest, with Circle stock becoming a top purchase among Korean investors.
- This development coincides with similar initiatives in Hong Kong, where firms are pursuing stablecoin licenses.