Today South Korea’s Nonghyup Bank (NH Bank) announced it is collaborating with blockchain firm Hexlant and Pacific Law for digital assets. Together the group plans to explore new business models, digital asset custody and digital asset security, as reported by FinTech Times Korea.
This follows recent changes in South Korean laws which come into force at the end of March 2021 that require anti money laundering procedures for digital assets.
NH Bank is part of NH Financial Group, which is wholly owned by the National Agricultural Cooperative Federation. In 2018 it had deposits of 316 trillion Korean Won ($266 billion). To date, one of its main interests in blockchain has been digital identity. It recently launched a Mobile Employee ID based on distributed identity technology from the Initial DID Association. It’s also a member of the DID Alliance.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
