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South Korean tech giants have been anticipated for a long time to step into the crypto space, but lagged due to coin issuance outlaws in the country.
Recently several analysts made an opinion regarding South Korean giants and chaebol business groups, businesses that are run by families like LG and Samsung could be seen to issue crypto assets soon. Experts and analysts state anything based on the facts and data. The recent assumption came out following the news regarding the plans of another South Korean business giant to step into blockchain tech.
It’s been reported that a subsidiary of SK group goes by the name SK Square has said the plans to put more than $1.6 billion into blockchain tech and semiconductor chips for the next three years. Ceyptonews.com last week reported that plans of SK Square included the launch of a new crypto asset that the company anticipated to launch within this year and the plan is to link the whole products and services of SK group to host with it.
South Korea has outlawed coin issuance in the country since 2017. However, the timing of the news of companies investing in space is significant despite the ban because regulations regarding the outlaw are about to turn in its favor. Since the country has banned the operation, the company has numerous subsidiaries operating overseas and could help to launch the token necessarily outside the country.
The outcome of the existing outlaw of coin issuance change is assumed because of the taking of President power in South Korea by the elected candidate Yoon Suk-yeol in May. He has stated his desire to review the ban on taken issuance and also hoped to turn the technology and crypto sector into an economic growth engine that has been not going anywhere in recent years.
Following such news and upcoming events that indicated the positive outcome for crypto in the country, analysts believe that both Samsung and LG could push their considerable interests in crypto. The tech giants could seek to launch their token if upcoming President Yoon removes the ban. World famous mobile and hardware manufacturer giant, Samsung has already offered services related to the crypto wallet on its flagship smartphones. The firm has also plans to move into metaverse and for new marketplace business avenues, it explored NFTs too.
As far as LG’s move in crypto is concerned, the company has piloted numerous crypto and blockchain services, out of which some are now directly involved in crypto businesses. For instance, subsidiaries of South Korean conglomerate, LG Electronics and LG U+, its telecoms unit, are members of the governing council of blockchain protocol Klaytn.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
