South Korea’s state-owned bank to launch cryptocurrency custody service

One of the largest banks in South Korea, KB Kookmin Bank, intends to launch a custody service for storing and managing digital assets.

We are excited to announce a partnership with the largest bank in Korea, KB Kookmin Bank, to lead the digital assets industry. We anticipate that there will be another maturation cycle in the industry that will confirm the inevitability of future growth! https://t.co/ll1UYEiqBq

— #Hashed (@hashed_official) August 7, 2020

To this end, the financial institution has entered into strategic partnerships with Hashed, Haechi Labs, and Cumberland Korea.

The partners noted that their cryptocurrency initiative is driven by regulatory changes in the country.

Earlier, Korea’s Ministry of Economy and Finance classified cryptocurrencies for the first time as taxable assets.

Hashed stressed that this signals a shift in the government’s stance. Against this backdrop, the partners intend to explore new business opportunities related to blockchain and cryptocurrencies.

KB Kookmin Bank expects the digital assets industry to encompass not only cryptocurrencies but also traditional assets such as real estate, artworks, and others issued and traded on blockchain platforms.

KB Kookmin is the largest bank in South Korea by assets and is state-owned through the National Pension Service.

Earlier, the bank announced its plan to create a custody service for cryptocurrencies for the first time a year ago. In March this year, the bank reaffirmed its plans.

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