According to a local report in South Korea, the banking group has partnered with local blockchain development company Coinplug to form a joint venture called D-Custody.
The joint venture, named D-Custody, is expected to be launched next week at the earliest. In the joint venture, fintech company Coinplug will be the largest shareholder. Woori Bank will be the second-largest shareholder.
Woori follows other Korean banks such as KB Kookmin and Nonghyup Bank into the crypto custody space as South Korean lawmakers draft crypto legislation. Korean Financial Services Commission implements anti-money laundering protections.
Growing demand for custodial services in South Korea
By entering this sector, Woori Bank aims to meet the demand of large South Korean companies for crypto custody solutions.Domestic companies are not allowed to keep their digital assets on exchanges. Therefore, the only option left for many companies is self-custody - which carries a high risk of theft or loss.
As a result, the demand for cryptocurrency custody services in the country has increased. Korean companies have started holding various digital assets for investment purposes and business diversification.
South Korea is still facing strict regulations
It's worth noting that in South Korea there have been strict regulations against cryptocurrencies. In May this year, regulators in South Korea expressed their desire to regulate the crypto industry with the support of banks and other financial institutions.Several crypto exchanges in the country were recently forced to remove certain altcoin trading pairs from their platform in order to remain compliant with the Reporting and Use of Certain Financial Transaction Information Act.
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