As the first domestic lender on South Korean soil, Shinhan Bank has real-name corporate accounts to enable transactions from cash to crypto-based on its partnership with cryptocurrency exchange Korbit.
Local regulations made this venture a reality by allowing bank-partnered and licensed crypto exchanges to render cash-to-crypto services.
Furthermore, the passage of the Reporting and Use of Certain Financial Transaction Information Act extended counter-terrorism and anti-money laundering financing regulations to digital asset service providers.
The bank acknowledged that it averted such risks through the Shinhan-backed custody service KDAC.
Digital asset custody is a service that safely manages and stores digital assets owned by various organizations and entities. Therefore, the corporations taking part in the project are chosen by Shinhan Bank and are members of Korea Digital Asset Custody (KDAC).
With the incoming South Korean President, Yoon Suk-yeol pledged of easing crypto regulations; analysis shows the market is on a solid path to being significantly legitimized.
As a result, local banks in the nation intend to ride this wave while authorization to enter the crypto space through their representative body called the Korea Federation of Banks.
The banks had raised concerns that the crypto market in the country could be monopolized because a “certain local crypto exchange” accounted for 90% of the market share.
Given that crypto taxation has been a burning issue in South Korea since its parliament a bill in 2020 where cryptocurrency gains would be slapped with a 20% gain, the incoming president vowed to zero tax crypto trading gains not exceeding 50 million won, approximately $40,000.
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