Hana Bank, one of South Korea’s largest commercial banks, has announced a strategic partnership with BitGo, a renowned crypto custody company with a decade-long history, in a significant step for the emerging cryptocurrency industry. According to a report, the collaboration aims to strengthen the digital asset custody services that Hana Bank plans to launch in the second half of next year.
Critical step taken for cryptocurrency space
As reported by Korea Economic Daily, the announcement of this groundbreaking partnership was made during Korea Blockchain Week in Seoul. It underlines the growing synergy between traditional financial institutions and the crypto ecosystem. As part of this ambitious partnership, Hana Bank and BitGo are actively exploring the possibility of establishing a joint venture. This joint venture aims to leverage BitGo’s unique expertise in crypto security as well as Hana Bank’s extensive experience in financial services and regulatory compliance.
A representative from Hana Bank expressed their enthusiasm for the partnership, stating that they hope to build trust in the local crypto asset market and improve consumer protection. BitGo’s decision to join forces with Hana Bank fits perfectly with its global expansion strategy. Just last month, the company successfully secured $100 million in Series C financing, valuing the company at an impressive $1.75 billion. As we have also reported as Kriptokoin.com, these funds are reserved for strategic acquisitions and global expansion.
Legal changes draw attention in South Korea
In an effort to establish a strong presence in South Korea, BitGo plans to open an office in the country late next year. This move is in line with their commitment to local compliance and regulatory requirements. This development comes after legislative changes in South Korea aimed at increasing the protection of crypto investors. In June, lawmakers passed a comprehensive set of 19 crypto-related bills. These measures empower the Financial Services Commission and the Bank of Korea to oversee crypto operators and asset depositors. Moreover, authorities now have the power to impose penalties in cases of unfair trade involving crypto assets.
Looking forward, the Financial Services Commission announced in July that domestic companies will be required to disclose their cryptocurrency holdings starting next year. This is part of new accounting rules designed to provide greater transparency in the crypto industry. The regulations will also require crypto issuers to disclose basic information including token details, business models and internal accounting policies. The strategic partnership of South Korea’s Hana Bank and BitGo represents a pivotal moment in the evolution of the cryptocurrency industry.
