South Korea is taking a step forward. Four of its five banks will be providing cryptocurrency services. This development comes after it was confirmed that the country’s major regulation will get into effect from next year.
A local news outlet MTN reported Thursday that Shinhan Bank and Woori Bank have said that they are considering introducing cryptocurrency services ahead of the enforcement of the Special Money Act.
The Act is primarily meant to regulate the crypto industry in South Korea in line with the standards set by the Financial Action Task Force (FATF).
Shinhan is the largest bank in South Korea with total group assets of $482 billion. Woori is the fifth-largest bank in the country.
NH Nonghyup Bank’s technology development team has also been working on a cryptocurrency custody service to allow the bank to store and manage customers’ cryptocurrencies.
Nonghyup is the fourth-largest financial institution in South Korea by total assets.
Meanwhile, amongst the other banks KB Kookmin Bank applied for a patent earlier this year for a number of crypto services, including trading, financial reporting, asset management, consulting, advisory, over-the-counter brokerage, and custody.
Last week, the bank signed an agreement with Hashed, Haechi Labs, and Cumberland Korea to further develop its crypto services. KB Kookmin is the second-largest bank in South Korea with total assets of $474 billion as of June.