South Korean payment giant Kakao Pay officially launches Korean won stablecoin business layout

PANews reported on June 23 that according to Seoul Economy, South Korean payment giant Kakao Pay has officially launched its Korean won stablecoin business layout and has submitted 18 combined trademark applications (such as KRWKP, KWRP, etc.) containing "KRW" and company logos to the Patent Office, covering virtual asset financial transactions, electronic transfers and intermediary services. This move is seen as a response to the legislative trend of South Korea's "Basic Law on Digital Assets", which intends to allow private issuance of Korean won stablecoins.

Industry analysts pointed out that Kakao Pay's move was to seize the first opportunity in the stablecoin market. On the same day, the gaming company Nexthurs publicly stated that it would compete for the qualification of the first Korean won stablecoin. Currently, the Korean government and enterprises are accelerating the process of digital asset compliance, and it is expected that the competition in the local stablecoin market will become increasingly fierce.