South Korea reportedly set to approve cryptocurrency-focused fund

South Korea reportedly set to approve cryptocurrency-focused fund

The Naver News service in South Korea has reported that the country’s Financial Supervisory Service is set to approve a crypto-related fund application by Hanwha Asset Management — a subsidiary of South Korea’s insurance giant Hanwha Life Insurance.

Quoting an official of the Korean Financial Investment Association, the report stated that the FSS approval could arrive as early as May 2.

Dubbed “Digital Hero,” the fund will reportedly invest in crypto-related firms like exchanges and mining establishments. Funds that invest directly in cryptocurrencies and listed securities such as exchange-traded funds are still banned in South Korea.

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Speaking to Seoul Economic Daily earlier in April, Choi Young-jin, head of digital strategy division as Hanwha Asset Management commented on the planned fund, stating:

“We plan to launch stock-type funds that invest in global companies related to digital assets such as settlement, transaction, and mining.”

Hanwha has been pursuing significant expansion in the digital assets arena and created a dedicated team for crypto-related matters with personnel

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