SK Group, the third-largest conglomerate in South Korea, has revealed its intention to create its own altcoin via its investment arm, SK Square. This strategic move positions SK Group as the first major financial conglomerate in South Korea to consider issuing a cryptocurrency. To support this initiative, the conglomerate is also working on a Blockchain service that will make it easier for its partners to issue their own cryptocurrencies. Both projects are still in the early stages of development, with the aim of launching the altcoin within the year through an initial coin offering (ICO). However, due to the current ban on ICOs in South Korea, SK Group is exploring the possibility of issuing the altcoin overseas or waiting for a more favorable regulatory environment. Newly elected President Yoon Suk-Yeol, who is known for his support of cryptocurrencies, has promised to introduce crypto-friendly regulations in the near future.
