Several banks in South Korea are increasingly keen to engage in cryptocurrency business and are focusing on the local leading exchange, Upbit.

Odaily Planet Daily reported that several banks in South Korea are paying attention to the local leading cryptocurrency exchange Upbit and are interested in collaborating with it. South Korean regulators recently stated that they would ultimately approve South Korean companies to purchase Bitcoin and other cryptocurrencies using their balance sheets later this year.

KEB Hana Bank and Woori Bank are currently "unaffiliated" with any local cryptocurrency exchanges but are now "monitoring the contract situation with Upbit." The contract between Upbit and K Bank is set to expire in October. (Newspim)