KB Kookmin Bank in South Korea jumps into the virtual assets is watched interest in the financial market. KB Kookmin Bank is expected to release 'KBDAC', the virtual asset management service such as Bitcoin and Ethereum. As KB Kookmin Bank, a major commercial bank in Korea preparing to launch a virtual asset service, it is noted whether traditional financial companies such as banks will enter the virtual asset market in earnest.
According to Digital Today, KB Kookmin Bank filed an application for the trademark "KBDAC" with the Korean Intellectual Property Office on January 31 of this year.
KB Kookmin Bank applied to use KBDAC as a trademark related to investment, advisory and trading of virtual assets, according to the Korean Intellectual Property Office. Trademark registration is in the order of application, review, announcement, and registration. It takes as long as one or two years at least for six months.
Among the brand names KBDAC, DAC was known as the meaning of Digital Asset Custody. Custody means to exchange foreign currency into Korean Won or to buy and sell stocks while managing funds and stock realities.
It seems that KB Kookmin Bank is preparing financial services and products that entrust virtual assets such as Bitcoin and Ethereum as investment funds to manage and generate profits. KB Kookmin Bank is looking for new financial products by combining the technology of Atomlix Lab with the know-how of banking services.
KB Kookmin Bank has been particularly keen on the timing of the KBDAC launch. Applying for a trademark means that you have begun branding products and services.
In fact, KB Kookmin Bank applied for the trademark on June 28, 2019, regarding the policy funding service KB Bridge and released the actual service on July 24 that year. KB Kookmin Bank also applied for a trademark on April 10, 2019, as KB Kookmin Credit Service and introduced the service on June 26. Traditionally, there is a gap of one to three months between applying for a trademark and launching a service. Given the trend, KB Kookmin Bank may introduce KBDAC during the first half of the year.
However, it is difficult to predict the time to market because there are variables called financial authorities.
Banks must get approval from the Financial Services Commission and the Financial Supervisory Service to introduce new financial services products. This is especially true for new types of financial services. This is to prevent financial consumer damage and market turmoil.
As virtual asset management services are being prepared for the first time in the banking sector, it is worth noting what decisions the financial authorities will make.
Interestingly, on March 5, the 'Amendment to the Act on Reporting and Utilization of Certain Financial Transaction Information' related to virtual assets passed the plenary session of the National Assembly. With this measure, it is expected that virtual assets will enter the financial sector as a category and will be controlled and managed by the law and institutional authorities in the future. The amendment will be implemented from March 2021, and financial authorities are preparing for implementation.
Definitions and perceptions of virtual assets are no longer subject to controversy, as the amendment to the law, however, attention is being paid to what extent the financial authorities will tolerate banks making and launching financial services related to virtual assets.
If KB Kookmin Bank releases KBDAC in the future, it is expected to have a big impact on the financial industry and blockchain industry. KB Kookmin Bank is one of the leading commercial banks in Korea. KB Kookmin Bank's bringing virtual assets into the official business domain can be a catalyst to change not only the first financial sector, but also the entire financial sector such as financial investment companies, securities companies, credit card companies, and insurance companies. Interest is also gathering in response to rival banks such as Shinhan Bank, Hana Bank, Woori Bank, and NH Nonghyup Bank.