Korea Digital Asset Signs Virtual Asset Insurance Contract Worth 57.3 Billion Won with KB Insurance
Korea Digital Asset has signed a virtual asset-specific insurance contract worth 57.3 billion won with KB Insurance. This contract serves as a safeguard against losses due to damage, loss, or theft of virtual assets entrusted by customers, with the coverage limit being the highest in the domestic custody industry. Korea Digital Asset, established in 2020 by KB Kookmin Bank and Hashed, provides services for the custody and management of virtual assets for institutional and corporate clients. According to the current Virtual Asset User Protection Act, custody businesses must have certain user protection measures in place through insurance and reserves, and this contract significantly exceeds the minimum compensation limit of 500 million won required by law. CEO Jo Jin-seok stated that the level of protection for customer assets has been aligned with the standards of traditional financial institutions. As the virtual asset industry expands from individual investors to corporate and institutional participation, the stability of custody and the responsibility compensation system are expected to become key competitive factors.
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