Four of the leading 5 South Korean banks have actually supposedly revealed their strategies to provide cryptocurrency services. The statements came ahead of the crypto policy that will quickly enter into impact in South Korea.
Largest Korean Banks Entering Crypto Space
South Korea’s largest banks have actually supposedly exposed that they will be offering cryptocurrency services. With the nation’s crypto policy entering into impact next year, cryptocurrency has actually been drawing in the attention of conventional banks, especially for custody services.
Shinhan Bank and Woori Bank have actually stated that they are thinking about presenting cryptocurrency services ahead of the enforcement of the Special Money Act next year, regional news outlet MTN reported Thursday. The Act manages the crypto market in South Korea in line with the requirements set by the Financial Action Task Force (FATF). Shinhan is the largest bank in South Korea with overall group properties of $482 billion. Woori is the fifth-largest bank in the nation.
NH Nonghyup Bank’s innovation advancement group has also been dealing with a cryptocurrency custody service to permit the bank to shop and handle consumers’ cryptocurrencies. Nonghyup is the fourth-largest banks in South Korea by overall properties.
KB Kookmin Bank obtained a patent previously this year for a number of crypto services, consisting of trading, monetary reporting, property management, consulting, advisory, over the counter brokerage, and custody. Last week, the bank signed an arrangement with Hashed, Haechi Labs, and Cumberland Korea to more establish its crypto services. KB Kookmin is the second-largest bank in South Korea with overall properties of $474 billion as of June.
Banks worldwide are progressively heating up to the concept of offering crypto services. Recently, the U.S. Office of the Comptroller of the Currency (OCC) formally specified that nationwide banks and federal cost savings associations in the nation are licensed to provide cryptocurrency custody services for consumers. In Germany, about 40 banks have actually supposedly obtained a license from the nation’s leading monetary regulator, the Federal Financial Supervisory Authority (BaFin), to provide cryptocurrency services.
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