South Korea's banking industry proposes that the new government allow banks to enter the virtual asset field

according to ChosunBiz, the Korean Bankers Association plans to propose to the new government to allow banks to enter the virtual asset industry. According to the draft, banks hope to be able to provide trust services mainly for digital asset management and custody, but the current "Financial Services Act" does not include virtual assets in the scope of banking business, restricting the development of related businesses.

In addition, the banking industry also proposes to allow entry into non-financial industries to cope with the competitive pressure brought by large technology companies through the integration of financial and non-financial services, and calls for addressing existing regulatory fairness issues.

For investment management business, banks suggest referring to the U.S. model, allowing for investment trust management, and expanding the scope of trust assets to meet the asset management needs brought by aging population. The draft also proposes to specifically list the reasons for sanctions against financial institutions and their executives in the "Banking Law" to enhance institutional transparency and predictability.