South Korean Kookmin Bank announced plans to launch the country’s first cryptocurrency exchange-traded fund (ETF) to provide customers with the opportunity to invest in digital assets.
Kookmin Bank announced a specialized division of the bank, the Digital Asset Management Committee, to develop the cryptocurrency investment instruments and the bank’s strategy for digital assets.
In addition, the scope of activities of the new division will include the assessment of potential risks and verification of the compliance of investment products according to country laws.
The bank plans to launch cryptocurrency ETFs and futures products shortly. If the project is successful, Kookmin Bank will become the first South Korean bank to offer retail investors the opportunity to invest in crypto assets.
Kim Hong-gun, Director of the Kookmin Bank Structural Unit, said:
“We plan to launch a cryptocurrency ETF as soon as possible. In addition, a conference on virtual assets for our clients is coming along with the publication of magazines guiding about blockchain technology.”
Also, options are being considered by Kookmin Bank to prepare a comprehensive plan for the use of virtual assets in the pension savings and insurance market.
The bank is considering crypto products after international consulting company Boston Consulting Group (BCG) published its report on the stable and rapid growth of the cryptocurrency market in South Korea. According to the report, by 2026, the volume of the cryptocurrency market in the country will reach 1,000 trillion won (about $835 billion).
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