Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Mirae Asset considers launching virtual asset custody business
The headquarters of Mirae Asset Financial Group, located in central Seoul / Courtesy of Mirae Asset Financial Group
By Anna J. Park
By Anna J. Park
Mirae Asset Financial Group is considering whether to enter into the new business of digital asset custody service, which deals with a range of virtual assets such as cryptocurrencies and non-fungible tokens (NFTs).
According to industry sources, the financial conglomerate has been examining the option of launching a newly incorporated company within the group that will focus solely on the virtual asset custody service business. An innovation strategy taskforce team within the group, which is a de facto think tank inside the financial conglomerate, is said to be the central organization that has been mulling over the business expansion into the digital asset custody area.
“It's true that Mirae Asset Financial Group has been considering opening a new incorporated company, yet nothing specific has been confirmed about the plan as of now,” an official from the financial group told The Korea Times Friday.
Although the financial group said no specific details have been confirmed regarding the new business plans, industry insiders expect Mirae Asset's custody service to function like a form of cryptocurrency banking, which safely manages various types of digital assets ranging from cryptocurrencies to NFTs.
Currently, more and more companies have shown interest in investing in digital assets for the purpose of expanding into new business areas. However, they are not eligible to use the services at the country's four major cryptocurrency exchanges, as only individuals can use the exchanges' trading and wallet services. Mirae Asset's digital asset custody business is expected to target the niche market of providing digital asset custody services for clients such as companies.
The newly incorporated company in charge of the digital asset custody service under the financial group is expected to be launched as early as late March of this year. If the plan is realized, it will be the first time that a local securities firm enters into the virtual asset custody service market in the country. Some major local banks, such as Shinhan, NH and KB Kookmin, have already announced their plans to enter the market.
Mirae Asset Securities CEO Choi Hyun-man also highlighted the importance of digital assets in his new year's message early this year.
“Various types of digital assets and related technologies, such as cryptocurrencies and blockchain technologies, have created a new market and businesses. Companies that promptly catch onto such changes and create new values have grown into powerhouses of the new market,” the CEO stressed in his new year's message.