SK Group, the third-largest conglomerate in South Korea, has unveiled its plans to create its own altcoin through its investment arm, SK Square. This strategic move positions SK Group as the pioneer in the country’s financial industry, being the first major conglomerate to consider venturing into the cryptocurrency market. In addition to this, SK Group is also actively working on the development of a Blockchain service that will facilitate the issuance of altcoins for its partners. Both projects are currently in their preliminary stages, with the aim of launching the altcoin through an initial coin offering (ICO) within the year. However, due to the current ban on ICOs in South Korea, SK Group is exploring alternative options such as foreign issuance or waiting for a more favorable regulatory environment. This aligns with the promises made by President Yoon Suk-Yeol, who has expressed support for cryptocurrency and advocates for the implementation of crypto-friendly regulations.
