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South Korean financial group KB Asset Management has announced its plans to offer cryptocurrency products to investors. KB Asset Management made the announcement of the launch of its Digital Asset Management Preparation committee yesterday.
Bank Set To Investigate Digital Assets
The Seoul-based finance giant announced the launch of its virtual asset-focused committee on Monday, Feb. 21.
KB Asset Management Group expressed their plans to study the digital assets market both on the local and global scale and disclosed that research involving the potential future launch of various products is already underway.
Hong-gon Kim, representing KB Asset Management, hinted that these products “might include exchange-traded funds (ETFs), tracking virtual assets, including virtual asset-themed equity funds as soon as possible.”
Also, Kim noted the organization’s plans to develop a digital asset investment strategy that uses artificial intelligence and host crypto-focused conferences and publications.
More Asian Banks Entering Crypto
KB Asset Management Group – a division of South Korea’s KB financial group, is often regarded as the second-largest bank having a valuation of $438 billion under management in 2020. However, they will face a few oppositions in the digital assets space within South Korea and abroad.
The Head of Korea Investment Corporation on Feb. 11 announced the firm’s interest in pushing towards alternative assets like metaverse-related investments. Additionally, he predicts that up to a quarter of the $200 billion funds could be invested in this project. Although the potential for crypto adoption grows in South Korea, financial entities must adhere to the regulations imposed on virtual assets. Last September, South Korean finance minister Hong Nam-Ki said that “ a 20% tax on crypto income will be imposed this year if personal income exceeds 2.5 million South Korean won ($2,100).”
Moving elsewhere in Asia, DBS Bank of Singapore has announced the introduction of crypto trading for its retail customers.