Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
USDC 
XRP 
Lido Staked Ether 
Dogecoin 
TRON 
Toncoin 
Cardano 
Avalanche 
Shiba Inu 
Wrapped stETH 
Wrapped Bitcoin 
WETH 
Bitcoin Cash 
Chainlink 
Polkadot 
NEAR Protocol 
Dai 
Sui 
Uniswap 
LEO Token 
Litecoin 
Aptos 
Pepe 
Wrapped eETH 
Bittensor 
Internet Computer 
Artificial Superintelligence Alliance 
Kaspa 
Monero 
Ethereum Classic 
Stellar 
Stacks 
POL (ex-MATIC) 
First Digital USD 
dogwifhat 
Immutable 
WhiteBIT Coin 
Ethena USDe 
OKB 
Aave 
Filecoin 
Optimism 
Injective 
Render 
Cronos 
South Korea’s NH Bank Dives into the Blockchain Financial Services Sector
South Korea’s NH NongHyup bank, has revealed that it signed a memorandum of understanding to research and generate blockchain-based financial services by a new association. A report revealed this news on June 10, writing that the bank joined hands with a local law firm and a blockchain laboratory to build digital asset-based financial services.
As per the publication, the MoU will mark the bank work with a law firm recognized as Bae, Kim & Lee alongside Hexlant, a blockchain developer. This consortium reportedly attempts to research and develop crypto exchanges.
South Korea’s crypto exchange permitting system
This news comes three months after South Korea’s legislature passed a law to interject a permitting system for exchanges that work in the country. Reportedly, this system leverages the real-name confirmed bank accounts to decide whether an exchange is fit to provide its services to South Korean citizens.
As such, exchanges in the country will have to report their operations to the FIU (Financial Intelligence Unit) after obtaining real-name confirmed accounts from commercial banks. To ensure compliance, the law states that failure to report operations could warrant up to five years in prison or fines of up to £33,000.
As per NH NongHyup bank, this law provides a unique opportunity to onboard the South Korean crypto sector and take a key position. Developing this, the senior vice president at NH NongHyup bank, Jang Seung-hyun said in a statement, “Through the consortium, we will step up efforts to take the lead in the local cryptocurrency industry,”
NH bank’s increasing interest in the blockchain sector
While this move is the first direct effort to improve its blockchain-based financial services, NH NongHyup has been involved in the blockchain space for quite a while now. The bank joined the R3 blockchain consortium in December 2017. The bank specialized in agricultural and commercial credit and banking services and combined a blockchain-based mobile identification system developed by Samsung into its staff IDs.
Stay informed with daily updates from Blockchain Magazine on Google News. Click here to follow us and mark as favorite: [Blockchain Magazine on Google News].
Get Blockchain Insights In Inbox
Stay ahead of the curve with expert analysis and market updates.
latest from tech
Disclaimer: Any post shared by a third-party agency are sponsored and Blockchain Magazine has no views on any such posts. The views and opinions expressed in this post are those of the clients and do not necessarily reflect the official policy or position of Blockchain Magazine. The information provided in this post is for informational purposes only and should not be considered as financial, investment, or professional advice. Blockchain Magazine does not endorse or promote any specific products, services, or companies mentioned in this posts. Readers are encouraged to conduct their own research and consult with a qualified professional before making any financial decisions.
About the Author: Editor's Desk
