Koscom’s StableCoin Plans Gain Momentum
The Korea Exchange’s IT infrastructure provider, Koscom, has taken a significant step towards entering the stablecoin market. According to recent reports, the company has applied for five stablecoin trademarks, including KSDC, KRW24, KRW365, Koswon, and Korwon. This move is seen as a strategic response to the upcoming introduction of the KRW Stablecoin market in South Korea.
The South Korean media company, Seoul Finance, reported that Koscom’s decision to register these trademarks is a clear indication of its intention to participate in the stablecoin market. The company’s plans are “in full swing,” with a focus on providing comprehensive technical solutions and trading platforms for the financial paper and futures markets of South Korea.
Koscom, officially known as the Korea Securities Computing Corporation, has been providing trading platform solutions for securities exchanges in several Southeast Asian nations, including Laos, Cambodia, and Malaysia. The company’s largest shareholder is the Korea Exchange, which is the nation’s stock exchange.
Koscom’s StableCoin Plans and Regulatory Environment
Experts expect the South Korean government to introduce new crypto regulations in the coming months, which will likely include rules for stablecoins. Koscom’s decision to apply for stablecoin trademarks is seen as a strategic move to position itself for the upcoming regulatory changes. The company has also established a “Digital Asset Business Promotion Task Force” to explore the use of stablecoins as a means of payment during subscription and sales processes.
Kim Wan-Seong, the head of the Task Force, stated that “Stable coins appear worldwide. They have become a new means of payment. Koscom becomes […] Help move the market for digital asset in harmony with stablecoin trends.” The company’s plans to use stablecoins as a means of payment are expected to increase the efficiency and stability of transactions.
Banks and StableCoin Approval
Several large South Korean companies, including banks, have registered similar trademarks in recent weeks. The banks are particularly interested in developing stablecoin plans, as many legislators believe that only large financial institutions can bring KRW-pegged coins to market. The heads of the largest banks in South Korea have had talks with managers from the USDT mentor and the USDC issue group, indicating a growing interest in stablecoin development.
For more information on Koscom’s stablecoin plans and the regulatory environment in South Korea, visit https://cryptonews.com/news/korea-exchange-affiliate-koscom-applies-for-stablecoin-trademarks/
