S. Korea's 4 major crypto exchanges collaborate to comply with global anti-money laundering regulations
Overseas cryptocurrency exchanges using Korean currency required to register with anti-money laundering body
SBI Holdings seeks to create cryptocurrency-based financial ecosystem
SBI Holdings has announced a number of initiatives planned for the second half of the fiscal year.
Of these, one initiative is focused on creating “a new financial ecosystem based on cryptocurrency, through the simultaneous entry into various promising future cryptocurrency-related businesses.”
The main objective behind this initiative is to create an ecosystem that addresses the various existing issues of cryptocurrency and its markets. For establishing such an ecosystem, SBI Holdings listed a number of efforts which includes entering into cryptocurrency mining and the establishment of a “dominant cryptocurrency exchange platform.”
“The SBI Group will endeavor to acquire cryptocurrencies, for the further development of products and services, and to secure market liquidity. This includes the mining of BTC/BCH, and investments into U.S. Ripple (Ratio of10.5%),” it said.
Last October, SBI announced the establishment of a new company called SBI Virtual Currencies Co., Ltd., which will provide exchange services for digital currencies. This month, the company entered into a deal with Wirex to establish a new joint venture with particular focus on Asia, SBI Wirex Asia.
In addition to setting up cryptocurrency exchange platform and entering mining business, SBI Holdings is also seeking to establish the means of cryptocurrency utilization, such as remittance, trade finance, and settlement/payment.
Furthermore, the company also seeks to provide institutional investors with cryptocurrency investment opportunities. To that end, it highlighted its plans to create cryptocurrency derivative market and manage cryptocurrency hedge funds.