South Korea’s NH NongHyup Bank has announced a new consortium with a local law firm and a blockchain laboratory to jointly develop digital asset-based financial services.

According to the Korea Herald, on June 10, the bank signed a memorandum of understanding with law firm Bae, Kim and Lee, and developer blockchain Hexlant. The consortium intends to research and develop crypto currency exchanges.

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Cryptoexchanges are allowed
This follows the passage of a bill by the South Korean National Assembly in March, which focused on the introduction of a permit system for Bitcoin Storm exchanges.

To maintain a permit, exchanges will have to report their operations to the Financial Intelligence Unit after obtaining confirmed real name accounts from commercial banks.

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NH Bank sees this as an opportunity to enter and take a key position in South Korea’s crypt currency sector, as senior vice president Jang Seung-hyun explained:

“Through the consortium, we will intensify efforts to take the lead in the local cryptomoney industry.”

A long-time blockchain fan…

NH Bank has long been interested in the potential of blockchain technology; it joined the R3 Blockchain Consortium in December 2017.

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Earlier this year, it implemented a blockchain-based mobile identification system developed by Samsung for the identification of its staff.

However, the latter consortium marks the first direct intention to develop its own financial services in space.