Kookmin Bank (KB) might become the first monetary organization to release cryptocurrency ETFs in South Korea.
, South Korea could become the next country on that list since Kookmin Bank revealed plans to launch such a financial tool. The institution formed a unit called the “Digital Asset Management Preparatory Committee” to work towards that goal.
The bank vowed to roll out a product consisting of digital asset ETFs and a crypto-themed equity fund. Honggun Kim – KB’s Head of Index Quant Management – confirmed the news:“We will launch a virtual asset-themed equity fund, etc. We plan to publish periodicals as well.” Currently, the South Korean government does not allow local banks to offer cryptocurrency trading services directly. On the other hand, financial organizations are able to provide indirect digital asset opportunities through partnerships with exchanges.It is safe to say that the Asian nation is one of the global leaders speaking of technology and digitization.
At the same time, the executive urged for comprehensive regulation on the market. Such legislation would grant more investor protection and transaction support:Featured Image Courtesy of Trenasia
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