Digital asset investment funds are becoming increasingly popular, and South Korea’s largest bank is gearing up to create the country’s first. The fund is being developed by Kookmin Bank (KB) and will be launched as soon as regulations allow for such products.
KPMG said on Monday that it had established the Digital Asset Management Preparatory Committee as part of its ambition to enter the Bitcoin funds marketplace. Product and strategy capabilities will be determined by this group for digital asset funds. This assessment of the bank’s risk and compliance issues will also take into account these products.
A digital asset exchange-traded fund (ETF) and futures products will be launched by KB at a time when investors in other nations are flocking to these products. As more institutional investors begin to invest in digital assets, financial organizations have been scrambling to offer specific products in places where existing regulations allow.
These ETFs have grown in popularity across the United States. Grayscale’s attempt to convert its BTC Trust into a spot ETF was the latest in a string of rejections by the Securities and Exchange Commission (SEC), according to CoinGeek. KB, South Korea’s largest bank with $520 billion in assets under management, will launch the fund with an outsourced chief investment officer (OCIO), which it claims will ensure main investments.
KB has long supported digital assets, but this would be the first offering of its sort. Through cooperation with Korea’s first bank to offer institutional digital asset custody, Hashed, it has launched its Multiasset Digital Wallet, which allows customers to store digital assets and NFTs.