South Korea's central bank plans to establish a virtual asset team as it considers its approach to the crypto sector, according to a report by local news outlet News1 on Tuesday.

The team will be responsible for monitoring the digital asset market and holding discussions on crypto-specific legislation. Part of its purview includes looking at the nation's approach to Korean won-denominated stablecoins, the report said. Stablecoins are digital tokens pegged to real-world assets such as fiat currencies.

The Bank of Korea's announcement comes as the nation continues to shape its crypto regime under the administration of crypto-friendly president Lee Jae-myung, who was elected in June. Leading up to the election, Lee said the country should support a won-based stablecoin market to prevent national wealth from leaking overseas, The Korea Herald reported in May.

The country's existing laws for the industry, the Virtual Asset User Protection Act, were passed in 2023 and focus on the definition of digital assets as well as penalties for unfair transactions.

The Bank of Korea did not respond to a comment request from CoinDesk.

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