South Korea’s Banks Seek Greater Flexibility in Crypto Partnerships

Major South Korean banks have urged regulatory adjustments that would facilitate partnerships with crypto firms. During a meeting hosted by the Korea Federation of Banks, representatives from the country’s leading commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) united in calling for reforms to expand collaboration between banks and crypto exchanges. The group expressed this position to lawmakers from the ruling People Power Party’s Political Affairs Committee. 20-30% of South Korean citizens currently have crypto investments, with government officials also holding a significant portion of digital currency assets.