You Can Now Safely Store Your Digital Assets with KEB Hana Bank and BitGo
Good news for cryptocurrency enthusiasts! KEB Hana Bank, a prominent financial institution in South Korea, has partnered with BitGo, a leading crypto custody and security platform based in California. This collaboration aims to provide digital asset custody (DAC) services to KEB Hana Bank’s clients, starting next year.
The announcement was made during the Korea Blockchain Week conference held in Seoul. KEB Hana Bank, which is also working on a central bank digital currency (CBDC) pilot and stablecoin alternatives with the Central Bank of Korea, plans to leverage BitGo’s blockchain security technology for its DAC operations. The services are expected to be available in the second half of 2024.
This partnership will contribute to raising trust and consumer protection in the domestic digital asset market, according to sources from Hana Bank. Both parties will enter the DAC sector together, with BitGo opening a corporation in South Korea and launching an office after obtaining the necessary licenses.
BitGo’s CEO, Mike Belshe, expressed his excitement about the partnership, highlighting how it will enhance the transparency and safety of the South Korean digital asset industry.
South Korea’s Crypto-friendly Regulations
South Korean financial authorities have recently announced their plans to legally regulate blockchain-powered security tokens and provide investor protection measures through an amendment to the Token Securities Offering (STO) bill. This move comes after the country experienced a significant market downturn due to the collapse of tokens created by Do Kwon.
The Virtual Asset User Protection Act, passed by the South Korean National Assembly, grants the Financial Services Commission the authority to oversee crypto operators and asset custodians. The law also requires crypto companies to have insurance coverage for their reserves, ensuring protection against theft or technological failures.
With the favorable regulatory environment in South Korea, more crypto companies and exchanges, like BitGo, are establishing a presence in the country. This trend opens up new opportunities for individuals looking to engage in cryptocurrency-related activities.
Hot Take: Safeguard Your Digital Assets with KEB Hana Bank and BitGo
With KEB Hana Bank’s strategic partnership with BitGo, you can now confidently store your digital assets. The collaboration between these two trusted entities ensures that your assets will be securely held and protected. As South Korea continues to implement favorable regulations for the crypto industry, this partnership aligns perfectly with the country’s commitment to promoting trust and consumer protection. By leveraging BitGo’s cutting-edge blockchain security technology, KEB Hana Bank is poised to become a leader in the DAC sector. Stay ahead of the game and take advantage of this opportunity to safeguard your digital wealth with KEB Hana Bank and BitGo.
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