Breaking News: South Korean Financial Giant SK Group To Issue Its Own Cryptocurrency

SK Group, South Korea’s third-largest corporation, announced plans to launch its own cryptocurrency through its investment arm, SK Square. It is also working on a blockchain service for its partners to help with cryptocurrency issuance. Both projects are still in their early stages, and the company plans to launch a token through an initial coin offering later this year (ICO).

While ICOs are illegal in the country, newly elected President Yoon Suk-Yeol has promised to implement crypto-friendly legislation, including the legalization of ICOs. SK stated that it would either consider a foreign issuance or wait for a more favourable regulatory environment.

With the announcement of SK Square, SK Group becomes the first of South Korea’s financial conglomerates, or “chaebols,” to consider issuing cryptocurrency. According to Korean news outlet Hankyung, the company intends to leverage all SK Group companies to facilitate token adoption.

The group, which owns South Korea’s largest wireless carrier, SK Telecom, plans to create a token based on the telecom company’s existing blockchain infrastructure first. It will then expand the service in order to create its own ecosystem. The currency is expected to be adopted by all of SK Group’s existing companies. The token will also be integrated into SK Telecom’s ifland metaverse platform.

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