According to Cryptocurrency News on January 12, according to a new report from Newsis, Korean commercial banks are now racing to launch bitcoin and other encrypted asset custody services. Industry sources said that when South Korean legislation requires all virtual asset service providers in the country to implement anti-money laundering agreements, the crypto asset management market is expected to expand further, because this may give banks a greater advantage in processing crypto transactions. This has led to fierce competition in encryption businesses among banks. Up to now, the three major commercial banks in South Korea, NongHyup Bank, Kookmin Bank and Shinhan Bank, have announced their entry into the cryptocurrency custody market. In this regard, In Ho, director of the Korea University Blockchain Research Institute, said that if a bank takes over the cryptocurrency custody business, users may be compensated in the event of a hacker attack. Banks will be able to use their advantages in this way. In addition, banks are increasingly keen to provide services to professional cryptocurrency investors.
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