South Korea’s financial landscape is undergoing a dramatic transformation as traditional banks and securities firms forge unprecedented alliances with cryptocurrency exchanges, signaling a new era for digital assets in the country. The move, spurred by both regulatory changes and the explosive growth of digital asset markets worldwide, is dissolving the once rigid boundaries between conventional finance and the burgeoning world of blockchain-based platforms.
On May 15, 2026, Hana Bank, a major affiliate of Hana Financial Group, made headlines by acquiring 2,284,000 shares of Dunamu—the operator of South Korea’s largest cryptocurrency exchange, Upbit—for approximately 1.0033 trillion KRW. This transaction, confirmed by both ChosunBiz and License News, vaulted Hana Bank into the position of fourth-largest shareholder with a 6.55% stake. But this was no mere financial play. Industry observers see it as a strategic leap toward future leadership in digital asset infrastructure, especially in the rapidly evolving market for Korean won stablecoins, tokenized securities (STO), and blockchain-driven payment services.
The significance of this alliance reverberates across the financial sector. As one industry insider put it to License News, "In the past, banks viewed fintech companies as competitors, but now, survival is impossible without cooperation. It’s highly likely that strategic alliances between banks and exchanges will continue to expand." The days of banks and crypto exchanges eyeing each other warily from opposite sides of the regulatory fence appear to be numbered.
And Hana Bank is far from alone in this race. Coinone, South Korea’s third-largest crypto exchange, is in the midst of discussions with Korea Investment & Securities and global exchange OKX regarding equity acquisition. According to ChosunBiz, the focus is on raising capital through new share issuance, allowing founder Cha Myung-hoon to maintain management control. Meanwhile, Mirae Asset Consulting, an affiliate of financial giant Mirae Asset Group, has secured a commanding 92.06% stake in Korbit, another major exchange, pending regulatory approval from the Korea Fair Trade Commission.
What’s driving this sudden convergence between old and new finance? The answer lies in the explosive growth and mainstream acceptance of digital assets worldwide. According to market research cited by License News, the global stablecoin market has ballooned to roughly $250 billion USD (about 340 trillion KRW). In the United States, regulatory pushes to institutionalize stablecoins are already underway, aiming to cement the dollar’s dominance in the digital age. South Korea, never one to lag in tech innovation, is now seeing its own banks, fintechs, and exchanges scramble to secure a foothold in this rapidly expanding market.
Stablecoins—digital assets pegged to the value of fiat currencies like the dollar or won—have become the backbone of digital payments and crypto trading worldwide. As these assets gain traction, Korean banks are increasingly concerned that traditional deposits could migrate to digital wallets. Yet the flip side is equally compelling: if they can lead in stablecoin adoption, banks stand to expand their influence across payments, remittances, and investment platforms. As one commercial bank official told License News, "In the future, digital wallets could become more important financial platforms than bank apps. For banks, this is an area that can no longer be ignored."
The distinction between public and private digital currencies is also coming into sharper focus. The Bank of Korea is currently piloting Central Bank Digital Currency (CBDC) projects with major commercial banks, treating the CBDC as a form of digital legal tender directly issued by the central bank. In contrast, Korean won stablecoins are collateralized digital assets issued by private financial companies or platforms. While CBDCs are seen as public infrastructure, stablecoins are expected to power private payment and remittance platforms. This dual-track approach is giving banks a valuable head start as they prepare for a hybrid digital economy.
Regulatory uncertainty remains a sticking point. The much-anticipated Digital Asset Basic Act is still under debate, with issues such as who can issue stablecoins and how much of an exchange’s shares financial institutions can own delaying concrete implementation. According to ChosunBiz, financial authorities are weighing a consortium model for stablecoin issuance, requiring banks to hold at least 50% plus one share. This structure could ease the way for Dunamu, Hana Financial Group, and Naver to collaborate on stablecoin projects.
Meanwhile, the so-called ‘gold separation’ rule—which has long restricted financial institutions from investing in or managing virtual asset businesses—is showing signs of softening. With banks and securities firms now actively acquiring stakes in exchanges, industry watchers expect regulations to adapt to the new reality. As one digital asset industry official explained to ChosunBiz, "Investments by financial institutions in exchanges are more about the long-term value of digital asset financial infrastructure than short-term profits. There’s a sense across the industry that now is the time to secure stakes in the five existing won-based exchanges."
For banks, the shift is about more than just chasing the latest trend. The government’s push to institutionalize digital assets, coupled with ongoing discussions about CBDC, is forcing traditional institutions to rethink their business models. No longer content to rely solely on deposits and loans, banks are pivoting toward digital asset platforms, data, and digital wallet market share as the new battlegrounds for competition. Experts cited by License News predict that "the core competitive edge will shift from simple interest rate competition to dominance in platforms, data, and digital wallets."
Fintech giants like Kakao, Naver, and Toss are also accelerating their expansion into digital finance, adding another layer of urgency for legacy institutions. The consensus among industry experts is that 2026 will be remembered as a watershed year for digital asset regulation in South Korea. Should stablecoins become fully integrated into mainstream finance, the ripple effects could transform everything from bank deposits to payments, remittances, and asset management.
Looking abroad, the U.S. experience offers a glimpse of what may be coming. There, the world’s largest asset manager, BlackRock, has already launched tokenized funds tradable with stablecoins like USDC. If South Korea follows suit, securities firms could manage STO issuance and operations while exchanges handle stablecoin payments and distribution—an ecosystem that blurs the distinction between traditional and digital finance even further.
As the regulatory landscape continues to evolve, the success of these bold alliances will hinge on how quickly and effectively South Korea can resolve lingering uncertainties. But one thing is clear: the era of banks and exchanges operating in silos is over. As a financial industry source told License News, "If the launch of internet-only banks changed the game for the financial industry, digital asset platform competition will be the next key variable. The boundaries between banks and exchanges will continue to fade."
In this climate of rapid change, South Korean banks and crypto exchanges are not just adapting—they’re racing to define the future of finance itself.