The banking arm of the South Korean It Giant Kakao Corporation has reportedly ramping up plans to offer Stablecoin services amid a regulatory transfer to the country after the election of pro-crypto president Lee Jae-Myung.
Kakaobanks Chief Financial Officer Kwon Tae-Hoon said during the company’s first-half income that the company would “review various methods such as release and precautions,” and “plans to actively participate,” in the “Digital Asset Ecosystem,” ZDNET Korea reported On Wednesday
Kwon added that the initiative was led to cooperation with the Kakao’s Stablecoin Task Force, which included leading leadership from major affiliates including Kakopay.
Kakaobanks’ Stablecoin Move follows the President Lee Jae-Myung’s election in Junethat since pushing various crypto -related laws, including a Bill to legal the stablecoins.
Basis
Kakaobank Filed For Stablecoin -related trademarks on June 23, in conjunction with the KOKMIN Bank rival, a KB Financial Group subsidiary. Eight other major banks in South Korea is also planning Korean Won-Pegged Stablecoins to launch by 2026.
Kwon reports that Kakobank already has experience with digital possessions, with “successfully conducted a purse opening, replace,” and participate in The bank’s bank’s digital currency of the bank of Korea Experiment.
“In the past three years, we have released verified accounts for virtual asset exchanges and have run risk-related measures such as Know Your Customer and Anti-Money Laundering-Based Monitoring,” Kwon said.
Kakaobank May 25.86 million users, representing about half of the South Korean population of 51.7 million, and $ 46.47 billion in properties under management in March this year.
Crypto exchange Users in South Korea also exceed 16 millionAfter receiving a help from the winner of President Donald Trump’s election in November. The figure represents more than 30% of the country’s population.
Kakaobank’s stock remains flat
Previously, after Kakabank Filed for Stablecoin-related trademarksits stock price Jump To 37,000 Korean won ($ 27) from $ 22.60, an increase of 19.3%.
However, following the latest update on Stablecoin plans, the price of sharing made small acquisitions on Wednesday, rising to a peak of 27,825 winners ($ 20.10) for a trade session, before dropping to 26,900 winners ($ 19.43) of the bell.
In the latest trading session on Thursday, its stock price made only a little gain, rising 0.93% to trade at 27,150 Korean won ($ 19.60).
The bank has been operating since 2016 and has been established by a collaboration between Korea investment holdings and Kakao Corp.
Related: Caution of XRP is live for Korean institutions by BDACs amid ‘strong interest’
Stablecoins uses the eye all over the world
Other large companies and even countries show an increase in interest in With stablecoins In some form too.
A May 14 report from the Digital Assets platform platform found by the fireblocks 90% of institutional players who are -survey has explored the use of stablecoins in their operation.
Meanwhile, a Russian financial ministry official floated a plan for the government that Develop one’s own stablecoin In April, while a trio of major Abu Dhabi institutions cooperated until Create a new dirham-pegged stablecoin The same month.
Magazine: Fake JD Stablecoins, Scammers introduce Solana Devs: Asia Express
