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Korea Exchange’s IT infrastructure provider KOSCOM has submitted applications for five trademarks related to stablecoins, alongside restructuring its departments focused on crypto and digital assets.
The South Korean news source Seoul Finance reported that the company has secured trademarks for the brands KSDC, KRW24, KRW365, KOSWON, and KORWON.
The publication noted that KOSCOM aims to “proactively respond” to the forthcoming introduction of the KRW stablecoin market in South Korea.
KOSCOM Stablecoin Initiatives ‘in Full Swing’
KOSCOM (officially known as the Korea Securities Computing Corporation) delivers extensive technological solutions and trading platforms to South Korea’s financial securities and futures sectors.
The headquarters of KOSCOM in Seoul, South Korea. (Source: Koscom.co.kr)
It was co-established by the central government and the Korea Exchange, which is the country’s stock exchange. The latter continues to be KOSCOM’s primary shareholder.
KOSCOM has also supplied trading platform solutions for stock exchanges in various Southeast Asian countries, collaborating with markets in Laos, Cambodia, and Malaysia.
Analysts anticipate that the government will introduce new cryptocurrency regulations in the upcoming months, likely combining these with fresh guidelines for won-pegged stablecoins.
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Observers believe that companies will be positioned to commercialize their products “in the mid- to long-term,” as reported by the media outlet.
KOSCOM has also restructured and expanded its Future Business Division. It has initiated a “Digital Asset Business Promotion Task Force,” which now reports directly to the company’s CEO.
This unit has commenced a proof-of-concept (PoC) for stablecoin technology and is exploring how the company could utilize KRW stablecoins “as a payment method during subscription and distribution processes.”
The goal is to leverage these coins to enhance “payment convenience and stability,” according to the outlet. Kim Wan-seong, the head of the task force, stated:
“Stablecoins are emerging globally. They have become a new means of payment. KOSCOM will […] help advance the digital asset market in alignment with stablecoin trends.”
https://twitter.com/TheKoreaHerald/status/1968211184294973618
Banks Await Seoul’s Stablecoin Approval
Numerous prominent South Korean firms have registered similar trademarks in recent weeks. Banks have shown particular interest in developing stablecoin strategies, as many lawmakers continue to assert that only large financial institutions should be permitted to issue KRW-pegged coins.
Recently, the leaders of South Korea’s largest banks have engaged in discussions with executives from the USDT issuer Tether, as well as the USDC issuer Circle.
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