Four of the Top Five South Korean Banks are set to deploy Crypto Custody Services
By Max Steadman – Cryptocurrency Speculator
South Korea’s top five banks, who together operate in over $1.2 trillion worth of numerous assets are leading the country’s movement to provide cryptocurrency services. Woori and Shinhan, two of these top five banks have just declared their shift towards offering crypto custody services, allowing those in the country to buy and sell cryptocurrency with better regulated bodies.
South Korea has recently implemented the revised Special Financial Transactions Information Act, which is due to come into effect in 2021. Woori Bank and Shinhan Bank swiftly reacted to the new regulations and approval by immediately announcing their scheme of providing services for crypto custody.
South Korean Banks are Building and Rolling out Crypto Custody Features
Although the aspirations of Woori in the sector are relatively recent, in 2017 Shinhan had already flirted with the idea of holding cryptocurrencies and managing them on behalf of its clients. The South Korean government stopped Shinhan from carrying out its proposals for crypto asset management in January 2018. Delays have occurred with the South Korean banks, but you can already safely store your cryptocurrencies with us, your trusted cryptocurrency broker!
Experts Criticize Unnecessary Delay
Although cryptocurrency trading and the underlying technology are prevalent among South Koreans, native experts believe that the country's delayed response by the financial sector has meant that the country are behind in taking full advantage of the Distributed Ledger Technology (DLT) benefits. Compared to other sectors, which were reasonably swift to incorporate blockchain into their business models, the endeavors made by the financial sector came too slow, experts say. Park Sung-Joon, Head of Dongguk University's Blockchain Research Center, expressed his concern that the South Korean banking sector's competitiveness could take a severe hit because of late, inadequate action.