South Korea’s NH Agricultural Cooperative Bank and blockchain service provider Hexlant set up an alliance to study digital assets

South Korea’s NH Agricultural Cooperative Bank announced the establishment of an alliance with local Pacific law firm and blockchain service provider Hexlant in response to the adoption of amendments to South Korea’s Law on the Reporting and Utilization of Information on Certain Financial Transactions (Special Law). The three companies will jointly research and develop services related to the custody and custody of digital assets. The senior vice president of NH Agricultural Cooperative Bank said, “We will lead the digital asset market together with our partners.” Lianwen previously reported that in March this year, the South Korean National Assembly plenary meeting passed the “Report on the use of specific financial transaction information and other laws ( The special financial law)” amendment will be formally implemented in March 2021. The amendment stipulates the obligation to prevent virtual asset providers from carrying out money laundering activities, and stipulates the rules that financial companies should observe when conducting financial transactions with virtual asset providers. At the same time, the special financial law includes systems such as crypto exchange licenses and banks supporting real-name registration of crypto exchange accounts.