From left: Oh Yang-ho, senior partner of Bae, Kim & Lee, NH Nonghyup Bank Senior Vice President Jang Seung-hyun and Hexlant CEO Noh Jin-woo pose for a photo after signing an MOU for cooperation in the cryptocurrency industry on March 9 in Seoul. (NH NongHyup Bank)
NH NongHyup Bank announced Wednesday its partnership with a local law firm as well as blockchain developer to set up a consortium for jointly developing financial services using virtual assets.
The bank has signed a memorandum of understanding with law firm Bae, Kim & Lee and Hexlant, a blockchain technology laboratory, to launch a joint institution for the research and development of cryptocurrency exchanges.
The move came as the revised bill of the Act on Report and Use of Specific Financial Transaction Information on virtual assets was approved at a Cabinet meeting in March. The bill outlines the report system for cryptocurrency exchanges and requires virtual asset operators to report their business to the financial authorities.
“Through the consortium, we will step up efforts to take a lead in the local cryptocurrency industry,” said Jang Seung-hyun, senior vice president at NH NongHyup Bank.
By Choi Jae-hee (firstname.lastname@example.org