"Shinhan Bank Establishes Virtual Asset Task Force... Targeting Market Entry"

Minseung Kang

Summary

Shinhan Bank has established a 16-member Task Force to enter the virtual asset market.
With government policy easing, allowing corporate virtual asset real-name accounts, the bank emphasized the need for market positioning strategy.
Shinhan Bank announced plans to strengthen cooperation with Korbit and expand partnerships with virtual asset custody companies.

Shinhan Bank is establishing a Virtual Asset (Cryptocurrency) Task Force (TF) and entering the virtual asset market.

According to industry sources on the 20th, Shinhan Bank has formed a 16-member virtual asset TF and is reportedly discussing strategies to secure a leading position in the market. As the government moves to gradually allow corporate virtual asset real-name accounts, this is seen as a strategic move to secure a position in a market with high growth potential.

Furthermore, Shinhan Bank's TF is expected to strengthen cooperation with domestic virtual asset exchange Korbit and actively explore marketing strategies. They also plan to expand partnerships with virtual asset custody companies.

Meanwhile, the Financial Services Commission will allow law enforcement agencies and non-profit organizations to sell virtual assets for cash conversion at exchanges in the first half of this year. Eligible entities include law enforcement agencies, designated donation organizations, university corporations, and virtual asset exchanges. In the second half, real-name accounts for investment and financial trading purposes will be issued starting with certain institutional investors.