Home Crypto News South Korea’s Largest Bank to Offer Digital Assets Custody Services

South Korea’s Largest Bank to Offer Digital Assets Custody Services

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South Korea’s largest industrial financial institution, often known as Kookmin Bank (KB), will start providing Bitcoin custody providers via a brand new partnership with Hashed, a blockchain enterprise fund, and Cumberland Korea, a cryptocurrency alternate. The information of the custody providing was reported by Bitcoin.com on August ninth.

According to a weblog put up by Jin Kang, the authorized compliance officer at Hashed, the cooperation between the three corporations will contain “managing and storing digital assets, advocating for optimal regulatory developments, and transforming the traditional financial sector.”

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Kookmin Bank believes that conventional asset possession could finally be saved and traded digitally

Kookmin initially filed a trademark utility for ‘Kbdac’, a digital custody service with the Korean Intellectual Property Office, in January of this yr.

Kookmin Bank reportedly believes that the digital belongings trade will repeatedly evolve to embrace a wider vary of digital belongings: not solely cryptocurrencies, but additionally safety tokens that signify “other traditional assets such as real estate, artwork, and other reified rights that will be issued and traded on blockchain platforms.”

Therefore, whereas the partnership between Kookmin, Hashed, and Cumberland Korea could concentrate on cryptocurrency within the brief time period, the three have plans to finally supply custody and administration providers for safety tokens and different digital belongings.

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“I welcome this opportunity to collaborate with KB Bank so that South Korea can take the lead in the emerging market of digital assets,” commented Simon Kim, chief government of Hashed, concerning the formation of the partnership.

Simon Kim, chief government of Hashed.

“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.”

Banks within the United States can also start providing custody providers

The information that Kookmin Bank will start to supply digital belongings custody providers carefully follows the information that US banks can start officer digital belongings custody providers of their very own.

Indeed, on July 22nd, the United States Office of the Comptroller of the Currency (OCC), an impartial bureau of the United States Treasury, issued a public letter clarifying that nationwide banks and federal financial savings associations are legally permitted to have custody of cryptocurrency belongings.

An open letter from Brian Brooks, a former Coinbase government who’s the present head of the OCC, mentioned that
“[…] the OCC concludes…that providing cryptocurrency custody services, including holding the unique cryptographic keys associated with cryptocurrency, is a modern form of these traditional bank activities.”

The letter additionally famous that banks may finally present providers that quantity to “more secure storage services compared to existing options,” and that customers and funding advisors could have a desired to entrust regulated custodians with their belongings, quite than an unregulated entity.

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