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South Korean bank to launch crypto custody service

South Korean bank to launch crypto custody service

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TL;DR

Per the latest reports, KB Kookmin Bank, the largest bank of South Korea, would soon be launching a crypto custody service. Back in January, the bank filed the trademark application for KB Digital Asset Custody (KBDAC) for several services, including digital assets trading and investment.

Per the report, the KB Kookmin Bank had already applied for a patent with the Korean Intellectual Property Office. According to the Korean Intellectual Property Office, the KBDAC is a trademark that is related to consultation, investment information provision, advisory, and crypto-asset trading such as Ethereum and Bitcoin.

Being part of Digital Asset Custody (DAC), it would also be managing the funds, stocks, and conversions of foreign currency into Korean won.

When would Kookmin crypto custody service launch?

The report reveals that the development process of the bank for crypto custody service is expected to be completed soon. The act of applying for a trademark indicates that the product is near completion, and the firm now would be initiating the branding of the product.

It could take 6 to 24 months for registration of the trademark, depending on the operation area. Moreover, the bank is also required to get approval from the South Korean Financial Service Commission and Financial Supervisory Service prior to launching any new financial service or product. At press time, KB Kookmin has still not received approval.

The potential launch of KBDAC is expected to have a huge impact on the Korean finance sector. Other Korean banks would respond to this development, and resultantly it would boost the cryptocurrency adoption in the country.

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Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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