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

article-image

Seoul, South Korea | Source: Shutterstock

share

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png

Research

Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.

article-image

After accelerating conversations with issuers, the SEC took a step toward allowing ETH funds to launch

article-image

As FIT21 advances to the Senate, experts are cautiously optimistic but say to expect some changes to the bill

article-image

Three Democrats joined Republicans Thursday in supporting a bill that would block the Federal Reserve from issuing a retail CBDC

article-image

Plus, Zeta Markets has released a litepaper for the “Zeta X” layer-2 it’s hoping to send to mainnet in early 2025

article-image

From CME Group’s launch of ether futures to congressmen urging the SEC to approve spot funds, a lot has led up the agency’s decision

article-image

Sponsored

As part of the #Breakout2024 plans, Radix has introduced Token Trek