South Korea’s Top Bank To Launch Crypto ETFs
The asset management arm of South Korea’s Kookmin Bank is planning to study and launch crypto derivates and ETFs
Seoul, South Korea | Source: Shutterstock
key takeaways
- South Korea’s largest bank wants to explore and launch crypto ETFs “as quickly as possible”
- The bank said it was preparing for the preemptive launch of related products through domestic and overseas digital asset market research
The asset management arm of South Korea’s largest bank announced Monday the launch of a committee to help study and develop crypto derivative products and ETFs.
KB Kookmin Bank’s asset management arm said its new Digital Asset Management Preparatory Committee will plan for preparations to launch its crypto products headquartered under the arm’s Index Quant Operation division.
KB is hoping to jump into the fast-moving industry via its crypto offerings “as quickly as possible” following “deregulation in Korea,” a rough translation of the company’s statement reads.
Two of South Korea’s presidential candidates are reportedly seeking to unban initial coin offerings following their potential election wins next month. The hope is that these candidates would bring a more relaxed regulatory environment in a country that currently imposes strict crypto laws.
The bank said it was planning to prepare for the preemptive launch of related products through domestic and overseas digital asset market research.
In addition to its crypto index funds, KB Asset Management said it will pivot from traditional asset correlation in the retirement-pension and OCIO markets to a principal guaranteed asset allocation fund using overseas crypto.
“We will launch virtual asset-themed equity funds as soon as possible,” said Hong-Gon Kim, head of KB Asset Management’s Index Quant Management division. “We plan to hold a virtual asset conference for customers and publish periodicals.”
KB Kookmin is the country’s largest bank by net profit. The bank’s holding company, KB Financial Group, clocked a total 457.3 trillion South Korean won ($382.7 billion) in assets under management by Q4, 2021, according to its latest earnings report.
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