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 .

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 , 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, in May.

The country's existing laws for the industry, , 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.