THELOGICALINDIAN - Following the approval of a authoritative framework for cryptocurrencies by the South Korean government one of the better banks in the country is advancing to barrage a ambit of crypto casework KB Kookmin Bank has activated for brand allotment reportedly advertisement over 20 crypto casework on its application
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KB Kookmin Bank Registers Trademark for a Wide Range of Crypto Services
One of the better banks in South Korea, KB Kookmin Coffer has filed a allotment appliance to brand “KBDAC.” Local account aperture Digital Today appear on Friday that the coffer listed over 20 crypto casework on its application, abacus that brand allotment can booty amid six months and two years in South Korea.
The bank’s filing with the Korean Intellectual Property Office anachronous Jan. 31 capacity a cardinal of crypto services, including trading, banking reporting, asset management, consulting, advisory, over-the-counter brokerage, and custody.
A KB Kookmin Coffer official explained that KBDAC is accompanying to the bank’s accord with blockchain aggregation Atomrigs Lab Inc., appear in June aftermost year, the advertisement conveyed. However, the official did not acknowledge the account barrage date. Meanwhile, the coffer has additionally been actively exploring assorted use cases of blockchain technology.
South Korea Approves Crypto Regulation
KB Kookmin Bank’s move coincides with the passing of a afterlight to the Act on Reporting and Using Specified Financial Transaction Information. This bill, alien in November aftermost year, passed the National Assembly on March 5 and the South Korean government approved its afterlight on March 17.
Under the new law, South Korean cryptocurrency exchanges charge use the real-name arrangement by partnering with a banking academy that can accommodate this service. Banks will be answerable to conduct chump due activity on the crypto businesses they accord with, ensuring able advertisement to the Korea Banking Intelligence Unit (KOFIU).
“The afterlight bill will booty aftereffect one year afterwards promulgation, and the accepted crypto-asset business operators will be accustomed a six-month alteration aeon to address to the KOFIU,” South Korea’s top banking regulator, the Banking Services Agency, explained. “This afterlight act will abode Korea’s acknowledged framework on crypto assets added in band with all-embracing standards set alternating by the Banking Action Task Force (FATF) and strengthen its AML/CFT regime.”
Do you anticipate abounding South Korean banks will alpha alms crypto services? Let us apperceive in the comments area below.
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