South Korea's largest bank will allow storing cryptocurrency

One of the largest banks in South Korea, KB Kookmin Bank, intends to launch a service for storing and managing digitalassets.

To this end, the financial institution entered into strategic partnerships with Hashed, Haechi Labs and Cumberland Korea.

The partners noted that their cryptocurrency initiative is dictated by regulatory changes in the country.

We are excited to announce a partnership with thelargest bank in Korea, KB Kookmin Bank, to lead the digital assets industry. We anticipate that there will be another maturation cycle in the industry that will confirm the inevitability of future growth! https://t.co/ll1UYEiqBq

- #Hashed (@hashed_official) August 7, 2020

Earlier, the Korean Ministry of Economy and Finance classified cryptocurrencies as taxable assets for the first time.

Hashed stressed that this indicates a change in the government's position. Against this background, the participants in the partnership intend to explore new business opportunities related to blockchain and cryptocurrencies.

KB Kookmin Bank expects the digitalassets will include not only cryptocurrencies, but also traditional assets such as real estate, works of art and others produced and traded on blockchain platforms.

KB Kookmin is the largest bank in South Korea by assets and is owned by the government through the National Pension Service.

Let us remind you that the bank first announced the creation of a custodial service for cryptocurrencies a year ago. In March of this year, the bank confirmed its plans.

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