South Korea reportedly set to approve cryptocurrency-focused fund
April 29, 2021. Summarized by summa-bot.
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Hanwha Asset Management is reportedly set to receive regulatory approval in South Korea for a digital assets-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.
Dubbed “Digital Hero,” the fund will reportedly invest in crypto-related firms like exchanges and mining establishments.
“We plan to launch stock-type funds that invest in global companies related to digital assets such as settlement, transaction, and mining. ”
As previously reported by Cointelegraph, Hanwha’s investment in Dunamu has seen the company’s stock become one of the best-performing in the country amid frenzied crypto trading in South Korea.
The report of the digital asset fund approval is coming amid rumblings over stricter cryptocurrency measures in the country especially surrounding the tax regime coming into effect in January 2022.