Shinhan, KB, Toss Hold Private Digital-Asset Meeting on Won Stablecoin Rules

Shinhan Financial Group, KB Financial Group and Toss were among financial firms that held a private meeting to discuss changes in the digital-asset market and ways to respond to legislation on won-denominated stablecoins. The move underscores how the financial industry is widening its review of digital-asset businesses as discussions over won-based stablecoins gather pace.

Seoul Economic Daily reported on June 1 that Shinhan Financial, KB Financial, Toss, IBK Industrial Bank of Korea, BNK Financial Group and iM Bank held a closed-door digital-asset meeting that day at an undisclosed location in Seoul's Yeouido district. KB Financial said key financial firms participated in the gathering.

The meeting was organized to coordinate a response to shifts in the digital-asset market and the legislative push on won stablecoins, the report said. About 30 executives and employees from the participating firms attended.

Son Byung-doo, chief executive officer of Toss Insight, and Han Seo-hee, a lawyer at Lee & Ko, gave presentations on the digital-asset market. Participants then discussed possible next steps in a free-form discussion.

Attendees also discussed a memorandum of understanding to form a won stablecoin consortium. They ultimately agreed to wait and see how the situation develops after the local elections before deciding how to proceed, according to the report.

The meeting took place as Hana Financial Group moves to acquire a stake in Dunamu and build a consortium for won-coin distribution. Hana Financial had previously said it would acquire a 6.55% stake in Dunamu.