South Korea reviews separating digital asset custody into standalone business

South Korean financial authorities are reviewing a plan to separate and regulate digital asset custody, or safekeeping, as an independent business area in line with the opening of the digital asset market to corporations. Kim Sung-jin, head of the virtual asset division at South Korea’s Financial Services Commission, said at a conference held at the National Assembly today that smooth trading cannot take place unless the safe storage and management of digital assets is ensured, according to The Asia Business Daily. Kim said there is little room for debate over separating custody into a distinct line of business as South Korea pushes second-phase legislation, described as a basic law on digital assets, and is now considering detailed rules on market entry and business conduct.