The Naver News service in South Korea has reported that the country\u2019s Financial Supervisory Service is set to approve a crypto-related fund application by Hanwha Asset Management \u2014 a subsidiary of South Korea\u2019s insurance giant Hanwha Life Insurance. <\/p>\n
Quoting an official of the Korean Financial Investment Association, the report stated that the FSS approval could arrive as early as May 2.<\/p>\n
Dubbed \u201cDigital Hero,\u201d 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.<\/p>\n
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:<\/p>\n
\u201cWe plan to launch stock-type funds that invest in global companies related to digital assets such as settlement, transaction, and mining.\u201d<\/p><\/blockquote>\n
Hanwha has been pursuing significant expansion in the digital assets arena and created a dedicated team for crypto-related matters with personnel include information technology and cryptocurrency experts.<\/p>\n
Digital Hero is the latest indication of Hanwha\u2019s increasing interest in cryptocurrencies. Indeed, Hanwha Investment & Securities \u00ad\u2014 another subsidiary firm \u2014 holds a stake in Upbit crypto exchange operator Dunamu.<\/p>\n
As previously reported by Cointelegraph, Hanwha\u2019s investment in Dunamu has seen the company\u2019s stock become one of the best-performing in the country amid frenzied crypto trading in South Korea. <\/p>\n
The company\u2019s stock price which is already up 123% year-to-date as of the time of writing could see even further gains if Dunamu follows through with its public listing plans in the United States.<\/p>\n
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.<\/p>\n
Earlier in April, the Financial Services Commission mandated that its employees should begin disclosing their cryptocurrency holdings.<\/p>\n