South Korean Financial Groups Prepare for Won-Pegged Stablecoin Legalization

South Korea's major financial groups are joining forces to anticipate the legalization of won-pegged stablecoins, marking a shift from a ban imposed in 2019. According to NS3.AI, Hana Financial Group is spearheading a coalition that includes BNK, JB, and other entities to establish a special-purpose company for stablecoin issuance once the legislation is approved. The government is aiming to finalize the regulation by next month, although the central bank has expressed opposition to issuance by big tech companies and suggests imposing restrictions on bank-led consortia.