South Korea passed an amendment regarding legitimizing crypto trading and ownership in 2020, which came into effect in 2021.
As per reports, the country is about to take one step further into the crypto space, thanks to the initiative taken by the Kookmin Bank.
The bank plans to launch a crypto investment fund, which will be the first in South Korea and will offer crypto investment products to retail investors.
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Kookin Bank’s Initiative to Launch Investment Fund
The Kookmin Bank (KB) will be the first bank in South Korea to launch an investment fund, which will include a type of crypto index and ETFs.
The launch plan was announced by the KB bank earlier today. As per the announcement, the bank has formed a Digital Asset Management Preparatory Committee.
This committee will:
- Assess compliance issues and risks for the investment funds
- Determine strategy capabilities and products regarding AI investment funds and cryptocurrencies
It has also been reported that the KB bank expects to launch futures products along with crypto exchange-traded funds (ETFs).
These plans of the bank have been confirmed by Honggun Kim, Head of Index Quant Management at Kookmin Bank who stated that KB will launch “a virtual asset-themed equity fund and more”.
Apart from launching a crypto investment index fund, another fund will also be introduced. This fund will utilize an Outsourced Chief Investment Officer (OCIO), which is also likely to be used in retirement pensions.
The market in South Korea has grown quite crypto-friendly and has become increasingly interested in non-fungible token (NFT) investments. This is why the Kookmin Bank has taken the initiative to launch a crypto investment fund for the interested parties.
What Should you Know as a Crypto Investor?
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