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South Korea's Ripple Alliance Boosts Crypto Custody and Regulatory Framework

Ripple has recently intensified its presence in South Korea by securing a major partnership with BDACS, a leading digital asset custody firm, to enhance institutional-grade custody services for XRP and RLUSD amidst the evolving regulatory landscape. This collaboration is aligned with the Financial Services Commission's (FSC) new roadmap for institutional digital asset market participation, aiming to foster the growth of XRPL developers and the broader ecosystem. Monica Long, President of Ripple, expressed excitement about leveraging South Korea's regulatory advancements to increase institutional interest in Ripple's digital assets. BDACS will deploy Ripple Custody, a secure software infrastructure that supports safe management and access to digital assets with bank-level security. Fiona Murray, Managing Director of APAC at Ripple, highlighted the strategic importance of this partnership in expanding the digital asset ecosystem within South Korea. Ripple’s steady growth in the region is evidenced by holding over 60 regulatory licenses globally and its recent expansion of services in collaboration with German financial institution DekaBank. Meanwhile, South Korea's prosecution service has enhanced its efforts against crypto crimes by founding a specialized investigation unit, reflecting the country’s firm stance on establishing a secure and regulated crypto market environment. The partnership between Ripple and BDACS not only signifies a pivotal development in crypto custody services but also sets a precedent for international investments and advancements in blockchain technology in South Korea.