South Korean Kookmin Bank announced plans to launch the country’s first cryptocurrency exchange-traded fund (ETF) to provide customers with the opportunity to invest in digital assets.
Kookmin Bank announced the formation of a specialized division of the bank – the Digital Asset Management Committee. The purpose of the committee’s work will be the development of cryptocurrency investment instruments and the bank’s strategy for digital assets.
In addition, the scope of activities of the new division will include the assessment of potential risks and verification of the compliance of investment products with the subject of activity of investment funds. The bank plans to launch cryptocurrency ETFs and futures products in the near future.
If the project is successful, Kookmin Bank will become the first South Korean bank to offer retail investors the opportunity to invest in crypto assets. Kim Hong-gun, Director of the Kookmin Bank Structural Unit, said:
“We plan to launch a cryptocurrency ETF as soon as possible. In addition, a conference on virtual assets for our clients and the publication of periodicals are planned.”
As follows from the message of Kookmin Bank, in addition to the investment direction, options are being considered for preparing a comprehensive plan for the use of virtual assets in the pension savings and insurance market.
According to the international consulting company Boston Consulting Group (BCG), against the backdrop of stable and rapid growth of the cryptocurrency market in South Korea, by 2026 the volume of the cryptocurrency market in the country will reach 1,000 trillion won (about $835 billion).
Source: Bits
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