Kookmin Bank wants to make progress in the digital assets market and has recently signed a strategic partnership with Hashed.
Legal and compliance officer at Hashed informs about it on his blog where he also informs that Haechi Labs and Cumberland Korea is also part of the partnership. The collaboration focuses mainly on advanced technology like blockchain and digital asset management, along with optimizing regulatory frameworks and transforming the current financial sector.
The bank is thus responding to the amendment to the law, which for the first time this year recognized digital assets and classified their taxability. For South Korea, this is a great success in contrast to 2017, when the country banned the ICO and a pessimistic attitude prevailed in general.
Simon Kim, CEO of Hashed, said:
I welcome this opportunity to collaborate with KB Bank so that South Korea can take the lead in the emerging market of digital assets. Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation.
However, KB Kookmin Bank does not think that the digital asset sector is just about cryptocurrencies and should also include other assets like real estate, artwork and others that will be tradable on blockchain platforms.
Read also: South Korea will Tax Cryptocurrencies, says the finance minister
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