South Korea’s FSC approves Hangang CBDC phase 2, expanding to 9 banks and 500,000 accounts
South Korea’s Financial Services Commission approved five innovative financial services on July 15, with the Bank of Korea-led CBDC sandbox project, Project Hangang, moving into phase 2. The expansion raises participating banks from seven to nine and increases wallet capacity from 10,000 accounts to 500,000. The second phase also adds remittance functions, automatic conversion between deposit tokens and bank accounts, and biometric authentication. Individual holding limits were lifted to 10 million won per wallet and 100 million won in cumulative holdings. The FSC also revised seven existing services, bringing the cumulative number of designated innovative financial services to 1,111. According to ABMedia, the move gives the Bank of Korea a practical way to advance its bank-led CBDC approach through the regulatory sandbox while the Digital Asset Basic Act remains stalled in the National Assembly. The same approval round also included services for foreign travelers and a joint lending product from Kakao Bank and Busan Bank.








