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Monday, December 5, 2022

South Korean Financial Majors Want To Create Virtual Assets Exchange In 2023

South Korea and its major financial representatives are looking to establish a virtual assets trading exchange by 2023.

The Korea Federation of Banks (KFB), together with Korea Securities Depository, National Association of Security Dealers Automated Quotation, and Korea Securities Finance Corporation, will create a joint venture that will operate the virtual assets trading exchange. The KFB already published their plans for the new joint venture on their website last month. They want to launch the exchange by 2023 at the latest.

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In a report published on September 25, local news outlet The Investor detailed that KFB, the country’s largest commercial bank, has partnered with other companies such as Samsung Securities and LG Securities to form a new venture called “VANEET,” which will operate as an independent entity from its parent company. The exchange will reportedly launch in South Korea and allow for both cryptocurrency and traditional asset trading.

The planned launch of VANEET marks a notable shift in approach at KFB and its partners; earlier this year, the bank filed a lawsuit against three cryptocurrency exchanges that deal with fiat-to-crypto conversions after losing hundreds of millions of dollars due to false transactions on their platforms.

South Korea’s Report Mentions NH, KB And Shinhan

South Korea’s financial sector is planning to create a joint venture company that will operate a virtual assets trading exchange, according to local media reports.

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The Federation of Korean Banks (KFB), together with Korea Securities Depository, National Association of Security Dealers Automated Quotation and Korea Securities Finance Corporation, will create the new venture called “Vaneet.”

The platform will also provide custodian services for digital assets and trade execution services for cryptocurrency derivatives, along with data analytics solutions.

It is becoming increasingly clear how important it is to have a stable cryptocurrency ecosystem, and the Korean banks are on their way towards doing just that. It is evident from their statement that they want to create a virtual assets trading exchange as soon as possible, but there are still no details available on when exactly this will happen.

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