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

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 discussing strategies to secure a leading position in the market. As the government decides to gradually allow corporate virtual asset real-name accounts, this move is interpreted as a strategic positioning to secure 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.