South Korean Bank To Launch Crypto Services After Regulations Approval

The South Korean Bank KB Kookmin announced to be launching crypto services after the green light from the South Korean government for regulating crypto. Following the approval of the regulatory framework for cryptocurrency, the bank applied for registration and listed more than 20 crypto services on its app as we are reading more about it in the cryptocurrency regulation news.

The South Korean Bank which is one of the largest in the country, filed a registration application to trademark KBDAC after the cryptocurrency regulation news of the approval of the government. The local news outlet digital today reported back on Friday that the bank listed more than 20 crypto services on the application and added that the trademark registration could take up to six months and two years. The bank’s filing with the Korean Intellectual property office dates all the way to the 31^st of January and details a number of crypto services, financial reporting, asset management, advisory and over the counter brokerage. KB Kookmin Bank explained that the KBDAC is related to the Bank’s collaboration with the blockchain company Atomrigs Lab INC as per the announcement back in June.

However, the officials did not reveal the service launch date and the bank started exploring multiple use cases of blockchain technology as per the cryptocurrency regulation news. KB Kookmin  Bank decided to go over the passing of a revision to the Act on Reporting and Using Specified Financial Transaction Information. The bill was introduced in November last year and passed the National Assembly on March 5 when the South Korean Government approved the revision on March 17.

With the new law, the South Korean Crypto exchanges will have to use the real-name system by partnering with a financial institution that can provide this service. The banks will have to conduct customer due diligence on the crypto businesses that they deal with and this way they will ensure proper reporting to the Financial Intelligence Unit of South Korea:

“The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU. This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.”