South Korean banks to launch cryptocurrency services this year
Cryptocurrency custody is now a key priority for South Korean banks
Many South Korean banks will be able to launch cryptocurrency custody services by the end of 2020 or no later than March of next year, after a “significant change in acceptance” has led the banking sector to move toward the crypto business.
According to the publication, an anonymous banking official states: “I know that several commercial banks plan to launch cryptocurrency custody services before the end of the year. Although there are differences in the schedules, other banks will launch services before March 2021 at the latest”.
Among the banks interested in implementing these services on its platform is Nonghyup, who assures that it will soon begin offering cryptocurrency custody services to institutional investors. Kookmin has also shown his interest as well as Shinhan and Woori.
According to the Electronic Times report, recent events allied to custody have accelerated the change of attitude. That is, a legal amendment that will soon be applied and that will create a framework of regulations in the cryptocurrency sector.
For its part, the United States Office of the Comptroller of the Currency (OCC), following a ruling last July allowing banks to participate in custody, also appears to cover South Korean banks that believe that Seoul-based regulators are they will align with their American counterparts.
K. Villarroel
Source: criptoinforme
