On Wednesday South Korean bank NH NongHyup with deposits of $ 270 billion announced a partnership with law firm Bae, Kim & Lee and technology blockchain company Hexlant. Together they will form a consortium for the “research and development of cryptocurrency exchanges”. This is written by Korea Herald.
In accordance with the updated legislation, special requirements are imposed on cryptocurrency exchanges in South Korea in the context of combating money laundering and reporting. These changes give banks and other large companies with established practices outside the cryptocurrency space competitive advantages.
“We have created a consortium in order to respond in advance to the institutional sector joining the digital asset space. As part of the consortium, we will increase our efforts to take on the role of a leader in the local cryptocurrency industry. We’ll create a new business model and lead the digital asset market with partners, ”said NHNong Senior Vice President Chang Seung Hyun.
In addition, the news agency Ronhap claims that retail outlets in South Korea are interested in supporting payments with the future digital currency of the People’s Bank of China. It is expected that the digital yuan will initially be used for micropayments in China itself, but then it can be distributed internationally. Thus, places of tourist congestion, where they already accept the yuan through the Alipay payment system, will be the first contenders for servicing operations with digital currency abroad.
At the end of May, it became known that in South Korea they could establish taxation of profitable transactions with cryptocurrencies and mining income.