A new law in South Korea will require banks to pay interest on deposits from cryptocurrency exchanges, which could seriously impact KBank's profits. KBank currently has $3.6 billion in deposits from major cryptocurrency exchange Upbit, which accounts for over 20% of its customer balance. Under the new law, if the interest rate is set at 1%, KBank will need to pay approximately 50 billion Korean won ($36 million) in interest, which is equivalent to its current profits. The law will take effect in July 2024, which is particularly unfavorable for KBank, which is preparing to go public. Upbit is the largest cryptocurrency exchange in South Korea, and other Korean banks have no significant exposure to cryptocurrency deposits.