South Korea’s KB Asset Management launched a committee on Monday that will develop investment strategies for releasing digital asset products such as exchange-traded funds (ETFs).
See related article: South Korean banks find workaround to cash in on crypto services
- The ‘Digital Asset Management Preparatory Committee’ aims to be the first to launch digital asset products in South Korea once the country eases regulations on crypto.
- KB says it will launch products such as a fund consisting of digital asset ETFs and a crypto-themed equity fund.
- KB Asset Management operates under KB Financial Group, which is currently the largest financial group in South Korea by net profit.
- South Korean banks are currently restricted by local regulations from directly offering cryptocurrency trading services.
- Banks are still able to provide indirect crypto services through partnerships with exchanges, or, like KB Bank’s KODA, providing crypto custody services.
See related article: South Korea’s KB Bank unveils a metaverse bank testbed