media: South Korean regulator may approve the creation of a cryptocurrency fund – Bits Media

Asset management company Hanwha Asset Management may receive approval from South Korea's Financial Supervision Authority this week (FSS) to create a cryptocurrency fund.

The firm is a subsidiary of the South Korean insurance giant Hanwha Life Insurance.. Head of the Hanwha Asset Management Digital Development Department Choi Yong Jin (Choi Young-jin) reported, that the Digital Hero Foundation will invest in the development of cryptocurrency startups, venues for trading digital assets and mining companies. A special team from experts in the field of information technology and cryptocurrencies has already been formed for this purpose..

Fund, directly investing in digital currencies or traded index funds, prohibited in South Korea. However, according to the local publication Naver News, Already this Sunday, the company can receive the official permission of the regulator to launch such a fund. In case of approval of the application, Digital Hero will be the first regulated cryptocurrency fund in the country.

The upcoming launch of the fund indicates the growing interest of Hanwha in cryptocurrencies. Her other subsidiary, Hanwha Investment & Securities, already owns a share of the cryptocurrency exchange of Upbit's cryptocurrency exchange, which was created by the South Korean fintech company Dunamu. And yet, Rumors about the approval of the cryptocurrency fund appeared, along with information on the tightening of the regulation of cryptocurrencies in the country and strengthening the tax regime with respect to crypto assets.

Recently the Minister of Finance of South Korea Hong to us (Hong Nam-Ki) confirmed, What from the beginning 2022 year for traders will be introduced income tax on cryptocurrencies. He stressed, that bitcoin will be taxed as an intangible asset, Since it would be a misunderstanding to consider it as a currency ". Ki also warned us, that when engaged in cryptocurrency trade, Traiders and investors subject themselves to risks of fraud and illegal fundamentary funds.

Recall, that recently the Commission on the financial services of South Korea (FSC) ordered her employees to provide reporting on the ownership of cryptocurrencies.