South Korea's virtual asset industry is preparing behind the sce

The Korean virtual asset industry is preparing behind the scenes for institutional market entry. South Korean authorities currently prohibit financial companies from storing and investing in virtual assets through shadow regulation, but the strategy is to continue when the market opens in the future.
Industry insiders revealed on the 22nd that KB Kookmin Bank, Haechi Labs and Hashed have established a joint venture Korea Digital Asset (KODA). Shinhan Bank and NH Nonghyup Bank made strategic investments in KDAC and Cardo, respectively. Consignment business is a service for financial institutions to store and manage customers' financial assets in the traditional financial field. Institutions that handle large amounts of money keep their assets in custody to protect against risks such as theft. When institutions officially enter the virtual asset market, it is expected that consignment work will become an essential service.
Cho Jin-seok, director of KODA, said that all companies including general companies for investment purposes, foundations that have listed or plan to list virtual assets on exchanges, P2E games, or NFTs can be customers.