Majority of Banks in South Korea Are Now Prepping for Cryptocurrency

More banks in the Land of Oppa’s are shifting to cryptocurrencies.

In a recent report, four out of five South Korea’s largest banks have shared that they will be trying cryptocurrency services.

As the country gears to crypto regulation going into effect next year, the currency has been gaining interest specifically from traditional financial institutions, particularly for custody services.

To name a few, Woori and Shinhan Banks are considering to roll out cryptocurrency services ahead of the said regulation of the Special Money Act in 2021.

The Act, as mentioned earlier, regulates the crypto industry in South Korea in line with the complaint to the standards set by the Financial Action Task Force (FATF).

Shinhan is considered as the largest bank in South Korea with aggregated assets of $482 billion, whereas Woori ranks as the fifth-largest bank in the country.

Moreover, the fourth-place biggest financial firm, NH Nonghyup Bank’s technology development team joins in expressing interest as it plans to allow the bank to store and manage customers’ cryptocurrencies.

The second in command in terms of assets totaling to %474 billion, KB Kookmin Bank, is patent-pending for several crypto services that cover amenities like financial reporting, trading, consulting, asset management, over-the-counter brokerage, and custody.

With the majority of banks joining the digital money arena, it has added to the increasing adoption of the crypto across the globe. Among the ranks cited is the US Office of the Controller of Currency which authorized several national banks and federal savings to provide such services.

Another country is Germany which saw 40 banks applying for crypto license.

Banks worldwide are increasingly warming up to the idea of providing crypto services. Recently, Hong Kong has also joined the bandwagon of the shift.

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