[아이뉴스24 김다운 기자] Amendments to the Special Money Act are scheduled to be implemented from March this year, and banks’ entry into the virtual asset (cryptocurrency) business is also becoming visible. With the bitcoin price exceeding 30 million won and breaking an all-time high, the institutional financial industry is also exploring possibilities.
According to the industry on the 2nd, KB Kookmin Bank will enter the virtual asset (cryptocurrency) custody (consignment) business for companies through a joint venture from January next year.
To this end, KB Kookmin Bank established Korea Digital Asset (KODA) in November with virtual asset companies Hadchi Labs and Hashed.
Through KODA, it plans to provide solutions for purchase and sales, money laundering prevention, tax and accounting processing, along with the consignment of virtual assets.
KB Kookmin Bank is known to have explored business opportunities while observing the situation in the virtual asset market for over a year.
At the KODA seminar held on the 22nd of last month, Yoo Hee-yeol, vice president of Kookmin Bank, said, “New financial products such as futures options and payment products based on virtual assets are emerging overseas. “With this expansion, many financial companies are looking for opportunities in the virtual asset market.”
It is predicted that in Korea, the virtual asset market will change rapidly and new opportunities will arise with the implementation of the Special Act this year and the taxation of virtual assets.
In the beginning of August, NH Nonghyup Bank held a conference with Pacific law firm Pacific and Hexland, a blockchain technology research institute, to respond to special laws.
It also revealed plans to launch a virtual asset custody service for institutional investors, virtual asset exchanges, and blockchain operators in the future.
Shinhan Bank also completed proof of concept (POC) related to custody in the form of an electronic wallet, and Hana Bank operated a dedicated block chain organization.
Banks’ entry into virtual asset services is proceeding faster in the US.
The U.S. Securities and Exchange Commission (SEC) approved the Bitcoin futures fund, and the Monetary Authority (OCC) provided guidelines for all U.S. banks to entrust Bitcoin.
As a result, JPMorgan began opening a bitcoin account, and KRAKEN, an American cryptocurrency exchange, acquired a bank license.
An official in the virtual asset industry said, “We are constantly receiving calls from financial institutions to inquire about investing in bitcoin or setting up an ETF.”
Reporter Daun Kim [email protected]