South Korean bank NH NongHyup Bank announced the formation of a consortium in partnership with a local law firm andblockchain laboratory for developing digital asset-based financial services.
According to the Korea Herald,The bank has signed a memorandum of understanding with law firm Bae, Kim & Lee, and developers of blockchain-based systems Hexlant. The consortium also plans to research and develop solutions for creating cryptocurrency exchanges.
Due to the fact that in March the National AssemblySouth Korea has legalized cryptocurrencies, and digital asset exchanges have become noticeably more popular in the country. NongHyup Bank plans to use its resources to take a leading position in the local cryptocurrency ecosystem.
“Thanks to the consortium, we will make every effort to lead the local cryptocurrency industry,” said Jang Seung-hyun, senior vice president of NH NongHyup Bank.
According to South Korean laws, cryptocurrencyexchanges must report to local financial intelligence. The consortium plans to develop a blockchain-based solution to automate the collection and reporting.
In February, it was reported that NongHyup Bank and mobile operator SK Telecom had implemented a blockchain-based mobile identification system developed by the Initial DID Association consortium.
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