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South Korean Giants advancing into the ‘Crypto-powered’ period

Prominent South Korean companies are gradually enrolling trademarks for crypto exchanges, wallets, and other crypto-related stints to “prepare for the upcoming era of crypto asset-powered finance,” per a new story.

As claimed by Chosun, recent moves from conglomerate GS, credit card services provider Korea Information & Communications Co (KICC) and chat app giant Kakao indicate that all three – and other companies – have set up the trading and legal infrastructure they would need to launch crypto brokerages, exchanges, trading apps and more.

At the end of last week, the media outlet stated that KICC registered a trademark for a new platform named EasyCMS that includes a crypto brokerage and exchange section.

The company has a long-standing interest in crypto. In 2017, it registered a trademark for a brand named EasyCoin – an exchange and trading software brand. However, the KICC appears to have shelved this plan indefinitely.

Kakao, which has multiple crypto ventures already in operation – including its crypto wallet, mainnet, and a token – also registered a trademark in June for exchange software and a crypto brokerage.
The media outlet quoted a Kakao official as stating,

“We cannot ignore the fact that virtual assets could become a payment method in the future.”

And GS Retail, which runs the GS25 convenience store chain, also registered a trademark back in June – for a crypto pay platform that would allow customers to place delivery orders within a 1.5km radius of outlets.

The trademark description also includes mention of the establishment of a “crypto asset brokerage.”

Chosun cites a range of crypto and business specialists who insist that the firms are well informed that government regulations currently prevent them from launching these projects on the domestic market.

It is reported though that one unnamed crypto exchange official, the firms are conscious that crypto markets are opening up abroad – and hope to preempt a thawing of South Korea’s once-firm stance on all things crypto-related.

The official added,

“The number of overseas companies that directly or indirectly support crypto assets is increasing. Domestically, even if demand is still low, we are preparing the supply side of things.”

A lawyer at legal firm Hanbyul affirmed that as international crypto adoption was on the rise, “it is not strange at all for South Korean companies to be preparing the ground by registering their trademark rights in advance.”

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