Korea Exchange’s IT infrastructure providing affiliate KOSCOM has applied for five stablecoin-related trademarks, in addition to reorganizing its crypto and digital assets departments.
The South Korean media outlet Seoul Finance reported that the firm has registered trademarks for the KSDC, KRW24, KRW365, KOSWON, and KORWON brands.
The outlet wrote that KOSCOM wants to “proactively respond” to the imminent launch of the KRW stablecoin market in South Korea.
KOSCOM Stablecoin Plans ‘in Full Swing’
KOSCOM (officially the Korea Securities Computing Corporation) provides comprehensive tech solutions and trading platforms to the South Korea’s financial securities and futures markets.
The headquarters of KOSCOM in Seoul, South Korea. (Source: Koscom.co.kr)It was co-founded by the central government and the Korea Exchange, the nation’s stock exchange. The latter remains KOSCOM’s largest shareholder.
KOSCOM has also provided trading platform solutions for securities exchanges in several Southeast Asian nations. It has worked with stock markets in Laos, Cambodia, and Malaysia.
Experts expect the government to roll out new crypto regulations in the coming months. They believe Seoul will bundle these regulations with new rules for won-denominated stablecoins.
Observers think that companies will be able to commercialize their offerings “in the mid- to long-term,” the media outlet wrote.
KOSCOM has also expanded and reorganized its Future Business Division. It has launched a “Digital Asset Business Promotion Task Force,” which now reports directly to the firm’s CEO.
This unit has launched a proof-of-concept (PoC) for stablecoin technology. It is also looking at ways the firm could use KRW stablecoins “as a means of payment during subscription and distribution processes.”
It wants to use these coins to help it “boost payment convenience and stability,” the outlet wrote. Kim Wan-seong, the head of task force, said:
“Stablecoins are emerging globally. They have become a new means of payment. KOSCOM will […] help move the digital asset market forward in line with stablecoin trends.”
Banks Await Seoul’s Stablecoin Approval
Scores of major South Korean companies have registered similar trademarks in recent weeks. Banks have been particularly keen to develop stablecoin plans, as many lawmakers still insist that only large financial institutions should be allowed to launch KRW-pegged coins.
In recent weeks, the heads of South Korea’s biggest banks have held talks with executives from the USDT issuer Tether, as well as the USDC issuer Circle.
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