Four collaborate to enhance South Korean digital asset space
10 August 2020 Seoul
Image: fenlio/Adobe Stock
KB Kookmin Bank has partnered with Hashed, Haechi Labs and Cumberland Korea to develop the emerging digital assets market in South Korea.
In the memorandum of understanding, the four companies will collaborate on the management and storage of digital assets, form joint responses for regulatory changes, and source new business opportunities that leverage blockchain technology.
Through these programmes, government-owned KB Kookmin Bank, blockchain venture fund Hashed, smart contract security auditor Haechi Labs, and crypto-asset trader Cumberland will together shape a digital asset ecosystem in the jurisdiction.
The strategic partnership follows the recent approval of the US Office of the Comptroller of the Currency for US banks to provide custody services for digital assets, while China and Japan have also joined the migration to central bank digital currency.
In addition, South Korea recently amended legislation on the reporting and use of specific financial information to recognise digital assets as a taxable asset class, which signalled a shift towards new initiatives that involve digital assets.
On collaborating with KB Kookmin Bank, the largest commercial bank in South Korea, Simon Kim, CEO of Hashed, commented: “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 into 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.”
In the memorandum of understanding, the four companies will collaborate on the management and storage of digital assets, form joint responses for regulatory changes, and source new business opportunities that leverage blockchain technology.
Through these programmes, government-owned KB Kookmin Bank, blockchain venture fund Hashed, smart contract security auditor Haechi Labs, and crypto-asset trader Cumberland will together shape a digital asset ecosystem in the jurisdiction.
The strategic partnership follows the recent approval of the US Office of the Comptroller of the Currency for US banks to provide custody services for digital assets, while China and Japan have also joined the migration to central bank digital currency.
In addition, South Korea recently amended legislation on the reporting and use of specific financial information to recognise digital assets as a taxable asset class, which signalled a shift towards new initiatives that involve digital assets.
On collaborating with KB Kookmin Bank, the largest commercial bank in South Korea, Simon Kim, CEO of Hashed, commented: “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 into 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.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
