Two South Korean Banks Plan To Introduce Services For Crypto Assets

South Korean banks Woori and Shinhan have announced their intention to introduce "services for crypto assets." This means that four of the five largest banks in the country, with a combined asset value of over $1.2 trln, are now ready to roll out crypto services.

The amended Special Financial Transactions Information Act will change the legislation regarding crypto assets and will come into force next year. Earlier, Shinhan Bank had already announced plans to provide custodian services in 2017, but in January 2018 these plans were thwarted.

At the moment, banks NH Nonghyup Bank and Kookmin Bank have coordinated blockchain groups to implement cryptocurrency custodian options. Nonghyup is expected to launch a custodian service for institutional investors in the coming months.

Image: CoinList