July 21, 2024
Hana Bank and BitGo Partner to Launch Digital Asset Custody Services
Policy & Regulation

Hana Bank and BitGo Partner to Launch Digital Asset Custody Services

Hana Bank, a significant commercial bank in South Korea, has teamed with BitGo, a ten-year-old cryptocurrency custody company, to create the bank’s digital asset custody services, which are expected to launch in the latter half of 2024, according to Forkast.

According to a report from Korea Economic Daily, the pair made the announcement of their alliance today during Korea Blockchain Week in Seoul.

To make use of the bank’s expertise in financial services and compliance as well as BitGo’s knowledge of crypto security, Hana Bank and California-based BitGo intend to investigate the possibility of establishing a joint venture as part of their relationship.

According to a Hana Bank spokesman, the alliance aims to increase consumer safety and boost consumer trust in the local electronic asset market.

After securing $100 million in Series C funding at a $1.75 billion estimate last month, BitGo’s cooperation with Hana Bank is in line with its objective of international growth. The Block earlier stated that the corporation intended to use the money for international expansion and strategic acquisitions.

When BitGo completes the necessary documentation for local compliance, it intends to open a branch in South Korea by the end of the year, according to Forkast.

To help protect cryptocurrency investors, South Korean lawmakers approved laws in June. The Financial Services Commission and the Bank of Korea now have the power to regulate cryptocurrency operators and asset custodians thanks to the new law, which consists of 19 crypto-related acts. The latest legislation further grants authorities the power to impose fines in instances of unfair virtual asset trading.

The FSC announced in July that, as part of the updated accounting laws, it would start requiring domestic corporations to report their cryptocurrency holdings in 2019. In accordance with the new regulations, cryptocurrency issuers must also reveal information about their tokens, business plans, and internal accounting procedures.

Image: Freepik

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