South Korean Banks Offering Crypto Services

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Four of the Five Major South Korean Banks Offering Crypto Services

South Korea's Woori and Shinhan Banks have just announced their intention to introduce a "crypto-asset service". That means four of the country's top five banks, which have a combined value of more than $ 1.2 trillion in assets, are now ready to introduce crypto services.

Individual banks aim to hold and manage cryptocurrency for clients. Both Shinhan and Woori announced their plans in direct response to the amended Special Financial Transaction Information Act that will amend the law around crypto assets, which goes into effect next year.

Shinhan Bank previously announced a crypto deposit plan in 2017, but this plan was thwarted by the government in January 2018.

NH Nonghyup Bank and Kookmin Bank have coordinated blockchain teams to implement crypto custodial features, with Nonghyup being the most advanced and hoping to launch a service for "institutional investors" in the coming months.

Too little, too late?

Blockchain experts in the country have voiced concern that these steps are "too little, too late" by citing American institutions as being far ahead of the South Korean banking sector. Park Sung-Joon, head of the Blockchain Research Center at Dongguk University, said he was "worried" that the "competitiveness" of state finances could be threatened as a result:

“Other countries are moving very fast in this regard. But there is still no legal system in place in South Korea, so progress has been slower than expected. "

Without "institutional support," he suggests that this push for crypto custody may not result in widespread integration.

Korea loves crypto

Although the financial sector has been criticized for the slow adoption of blockchain technology, other industries have been faster integrating it into their solutions. More than 1 million people have adopted the new blockchain-based digital SIM application in just 3 months. One of the largest banks in South Korea KEB Hana Bank has partnered with the Korea Expressway Corporation to implement a blockchain-based toll system for the country's highways.

And news this week emerged that Seongnam's payment program will be expanded by issuing new digital gift certificates while beachgoers in Busan will be able to pay for services with Bitcoin (BTC) and Ethereum (ETH).