Home Coins Bitcoin (BTC) 4 of South Korea's Largest Banks to Provide Cryptocurrency Services

4 of South Korea’s Largest Banks to Provide Cryptocurrency Services


1596309704 65 Major Chinese Banks Bar Customers From Buying Gold Precious Metals

Four of the top five South Korean banks have reportedly announced their plans to provide cryptocurrency services. The announcements came ahead of the crypto regulation that will soon go into effect in South Korea.

Largest Korean Banks Entering Crypto Space

South Korea’s largest banks have reportedly revealed that they will be providing cryptocurrency services. With the country’s crypto regulation going into effect next year, cryptocurrency has been attracting the attention of traditional financial institutions, particularly for custody services.

Shinhan Bank and Woori Bank have said that they are considering introducing cryptocurrency services ahead of the enforcement of the Special Money Act next year, local news outlet MTN reported Thursday. The Act regulates the crypto industry in South Korea in line with the standards set by the Financial Action Task Force (FATF). Shinhan is the largest bank in South Korea with total group assets of $482 billion. Woori is the fifth-largest bank in the country.

NH Nonghyup Bank’s technology development team has also been working on a cryptocurrency custody service to allow the bank to store and manage customers’ cryptocurrencies. Nonghyup is the fourth-largest financial institution in South Korea by total assets.

1595875088 428 29 Cryptocurrencies Delisted on Liquid Exchange to Comply With Singapores1595889402 943 Americans to Buy Bitcoin With Their Second Stimulus Checks After

KB Kookmin Bank applied for a patent earlier this year for a number of crypto services, including trading, financial reporting, asset management, consulting, advisory, over-the-counter brokerage, and custody. Last week, the bank signed an agreement with Hashed, Haechi Labs, and Cumberland Korea to further develop its crypto services. KB Kookmin is the second-largest bank in South Korea with total assets of $474 billion as of June.

Banks worldwide are increasingly warming up to the idea of providing crypto services. Recently, the U.S. Office of the Comptroller of the Currency (OCC) officially stated that national banks and federal savings associations in the country are authorized to provide cryptocurrency custody services for customers. In Germany, about 40 banks have reportedly applied for a license from the country’s top financial regulator, the Federal Financial Supervisory Authority (BaFin), to provide cryptocurrency services.

What do you think about South Korea’s largest banks providing crypto services? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
473FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,578FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.28
CHF
1.08
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.71

Most Popular

Cardano Announces More Upgrades, but ADA Looks Ready to Take Shelter

Key Takeaways Cardano is up more than 40% over the past week following new developments around the upcoming Goguen era. Despite the hype around ADA,...

House Ag Committee leader talks new bills to treat more cryptos like commodities

Two bills introduced last week looked to solidify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission — respectively...

Grayscale Investments now controls 2.4% of the current BTC supply

Crypto fund manager Grayscale Investments has increased the assets under management in its Bitcoin Trust by more than $180 million over the past week.According...
bitcoin
Bitcoin (BTC) $ 10,853.91
ethereum
Ethereum (ETH) $ 361.86
ripple
XRP (XRP) $ 0.244536
tether
Tether (USDT) $ 0.999844
bitcoin-cash
Bitcoin Cash (BCH) $ 228.66
bitcoin-cash-sv
Bitcoin SV (BSV) $ 172.02
litecoin
Litecoin (LTC) $ 46.05
eos
EOS (EOS) $ 2.59
binancecoin
Binance Coin (BNB) $ 27.55
okb
OKB (OKB) $ 6.15
tezos
Tezos (XTZ) $ 2.29
leo-token
LEO Token (LEO) $ 1.25
cardano
Cardano (ADA) $ 0.103293
monero
Monero (XMR) $ 97.52
stellar
Stellar (XLM) $ 0.074847
chainlink
Chainlink (LINK) $ 10.57
huobi-token
Huobi Token (HT) $ 4.60
tron
TRON (TRX) $ 0.026725
usd-coin
USD Coin (USDC) $ 0.999284
dash
Dash (DASH) $ 68.60
neo
NEO (NEO) $ 20.39
iota
IOTA (MIOTA) $ 0.275848
nem
NEM (XEM) $ 0.119815
zcash
Zcash (ZEC) $ 56.24
maker
Maker (MKR) $ 521.19
paxos-standard
Paxos Standard (PAX) $ 0.998621
ethereum-classic
Ethereum Classic (ETC) $ 5.52
vechain
VeChain (VET) $ 0.013196
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.67
kucoin-shares
KuCoin Shares (KCS) $ 0.844941
waves
Waves (WAVES) $ 2.49