Kakao Pay Officially Launches Cryptocurrency Market with Korean Won Stablecoin
Expansion strategy in the digital finance sector
On June 23, according to a report from Seoul Economy, Kakao Pay officially entered the cryptocurrency market by launching its stablecoin project pegged to the Korean won. The company has registered 18 related trademarks, using symbols such as KRWKP and KWRP, along with the group's logo at the Patent Office. Services focused on financial transactions, cryptocurrency transfers, and intermediary trading are targeted. This move reflects efforts to adapt to the South Korean government's 'Basic Law on Digital Assets', aimed at allowing the issuance of private stablecoins based on the won.
Ambition to dominate the domestic stablecoin market
Industry analysis suggests that Kakao Pay aims to quickly secure a pioneering position in the stablecoin market. At the same time, the gaming company Nexthurs has declared its determination to compete for the first stablecoin issuance license based on the won in South Korea. The government and businesses are actively pushing to streamline compliance processes for digital assets. It is expected that the race for market share in this field will become increasingly fierce, creating numerous opportunities and challenges for domestic cryptocurrency issuers.
Trends in development and competition in the South Korean cryptocurrency industry
The cryptocurrency market in the region is witnessing fierce competition among major corporations, particularly in the stablecoin issuance sector. The simultaneous announcement of projects by Kakao Pay and Nexthurs clearly reflects the ambition to dominate the market, while aligning with the South Korean government's policy trend to promote digital finance. Investors and end users predict that the new legal framework along with the competition to build a cryptocurrency ecosystem will lay a solid foundation for the sustainable development of the digital asset industry in this country.
Source: https://tintucbitcoin.com/kakao-pay-ra-mat-stablecoin-won-han-quoc/
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