Samsung and LG Could Follow SK in Issuing a Cryptoasset - Analysts

cryptonews.com:

South Korean mega-conglomerates – so-called chaebol business groups such as Samsung and LG – could be eyeing cryptoasset issuances, analysts have opined.

As reported, SK Square, an offshoot of South Korean business giant the SK Group, has outlined plans to pour some USD 1.6bn into semiconductor chips and blockchain technology over the next three years. Last week, Cryptonews.com reported that SK Square plans include a new cryptoasset that it wants to launch within 2022 – and link to a whole host of SK Group products and services.

The timing of the news is significant: Coin issuances have been outlawed in South Korea since 2017. And while the SK Group has plenty of overseas subsidiaries that could help it launch the token outside the country, the regulatory tide could be about to turn in businesses’ favor.

President-Elect Yoon Suk-yeol will take power in May – and has stated that he wants to “review” the token issuance ban, and hopes to turn the crypto sector into a new growth engine for an economy that has stagnated in recent years.

As such, Samsung and LG, both of which have considerable crypto-related interests, could well seek to launch a token should Yoon reverse the ban. Samsung offers a range of crypto wallet services on its flagship smartphone, has made metaverse moves, and has explored NFT marketplace business avenues.

Meanwhile, LG has piloted a range of crypto and blockchain-related services and some of its offshoots are directly involved in crypto-related business. LG Electronics and LG U+ (the telecoms arm of the group), for instance, are members of the Klaytn blockchain protocol’s governance council.

Although talk of a Samsung or LG “coin” remains speculative at this point, Newspim reported that the domestic tech