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Korea’s largest banks prepare to offer cryptocurrency services

Korean banks prepare to offer cryptocurrency services

Of South Korea’s five leading banks, four with a total value of more than $ 1.2 trillion in assets are preparing to offer cryptocurrency services.

South Korea, the country with a developed economy, applied to official institutions for crypto money.

South Korea’s leading Woori and Shinhan banks have announced their goal of offering “crypto asset services”. This means that four of the five largest banks in the country with a combined value of more than $ 1.2 trillion are ready to offer crypto services.

Each of the banks aims to hold and manage cryptocurrencies for their customers. Both Shinhan and Woori announced their plans in direct response to the Private Financial Transactions Information Act, which will change the legislation on crypto assets that will come into effect next year.

Shinhan bank previously announced its crypto custody plans in 2017. However, these plans were blocked by the government in January 2018.

NH Nonghyup Bank and Kookmin Bank had already coordinated blockchain teams to implement crypto custody features. Nonghyup is the bank at the forefront of crypto service preparations and hopes to launch its services for institutional investors in the coming months.

New Era Crypto Money in Asia

Humanity is planning to enter the crypto money system in the new era. Asian countries come to the fore especially in this regard. Along with China and Japan, now South Korea’s official banks for virtual currency have stepped in.

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