4 of South Korea's Largest Banks to Offer Crypto Services
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14 August
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South Korean banks Woori and Shinhan, two of the country's largest banks, have just announced they plan to offer crypto-related services.

As a result, four of the five largest banks in the country, with a combined value of up to $1.2T in assets, plan to offer services related to digital assets.

The announcement of these two banks comes shortly after the country approved amendments to the Special Financial Transactions Information Act, which will change the regulation of crypto assets in the country and should be implemented already in 2021.

Even though the Shinhan bank had announced three years ago its plans to move into the crypto industry, these were hampered by the country's government in January 2018.

Two other major banks in the country, the NH Nonghyup Bank and the Kookmin Bank, have been engaged in the development of crypto-related services for quite some time.

iHodl reported in July that South Korea had approved a 20% tax on crypto profits. The new version of the tax code will come into effect on October 1, 2021 once it is approved by the South Korean parliament, which is expected to vote on it before September 3.

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