KB's largest Korean bank will launch service to store Cryptocurrency

KB's largest Korean bank will launch service to store Cryptocurrency

(March 27, 2020) KB Kookmin – Korea’s largest bank wants to provide services to store cryptocurrency.
As early as January 31 of this year, KB National Bank filed a trademark application with the Korean Intellectual Property Office for the “KBDAC” KB Digital Asset Custody.

  • For the first time informed us Kookmin Bank, in June 2019 that it would cooperate with Atomrigs Lab on cryptographic storage services.

According to available information, KB will also be interested in other services related to digital assets such as trading, consulting and management of these assets.

We expect that when services are officially launched, also others banks in Korea will also want to move forward and use crypto-currencies and related services.

According to the Golden FInance report, the Korean Parliament’s plenary session was held on 5 March and adopted a specific amendment of the Finance Act, on the integration of cryptocurrency into the legal system of South Korea.
The amendment mainly focuses on strict anti-money laundering rules, that they must adhere to all crypto companies that provide cryptocurrency services.

South Korea wait only just for approval from President Moon Jae-in and subsequent implementation is estimated at March 2021.

South Korea increased interest in technological advances and digital assets, and is headed for the world’s most advanced economies

About KB Kookmin Bank

One of the four largest banks by asset value in South Korea. It is the largest bank in Korea and the 60th largest in the world.



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