Buy $GGsSouth Korea’s SK Square Delays Crypto Token Launch, Here’s Why
South Korea-based SK Square, an investment arm of conglomerate SK Group, on Wednesday said it will delay the launch of its crypto token due to volatility and FUD in the crypto market.
In fact, SK Square initially planned to release its white paper in the second quarter and launch the SK Coin, a tentative name, in the third quarter.
SK Square Postpones Crypto Token’s White Paper and Launch
SK Square has decided to delay the issuance of SK Coin amid weak market conditions as a result of the Terra-LUNA crash and liquidity crisis, reported South Korea’s Aju Business Daily on June 22.
A spokesperson for SK Square said:
“Preparations are complete, but the market isn’t very good at the moment. The timing has not been confirmed for the issuance of tokens. We will introduce it after addition supplmentation.”
Earlier in March, SK Square’s Vice Chairman Park Jung-ho announced plans to issue a crypto token, the first among the nation’s top conglomerates. Besides, SK Square and SK Telecom have invested billions into blockchain and metaverse projects.
SK Square established a blockchain working group responsible for the cryptocurrency business and planned to issue the cryptocurrency SK Coin.
However, the recent collapse of Terra, subsequent decline in Bitcoin and Ethereum prices, and lack of positive sentiment made the company think otherwise. The company will plan to speed up the issuance process again as market conditions improve.
South Korea’s Crypto Oversight Stiffens After Terra Crash
South Korean government has increased crypto oversight and regulations in the country after the Terra crash. Moreover, a crypto oversight committee has been formed to set coin-listing criteria, monitor unfair trade practices, and oversee investor protection measures.
South Korea has started several probes on Terraform Labs, its founder Do Kwon, crypto exchanges, and other accused people. Several crypto-related bills are pending in the National Assembly seeking to further tighten crypto regulation in South Korea.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BTC Price Bounces as Spot Investors Buy The Dip Amid Iran War Jitters
- CFTC Chief Mike Selig Signals US Crypto Perpetual Futures Rollout in Coming Weeks
- Fed Rate Cut Odds Drop as Inflation Fears Rise Due To U.S. Iran Conflict
- Here’s Why Tether Gold (XAUt) Price Is Falling Even With Growing Gold Demand
- XRP News: Ripple Expands Payments Platform To Unify Fiat and Stablecoins Globally
- Gold Price Prediction March 2026: Rally, Crash, or Record Highs?
- RIOT Stock Prediction as Needham, Piper Sandler Slash Target After Earnings
- Cardano Price Outlook As Charles Hoskinson Warns Over CLARITY Act
- Circle Stock Price Climbs 15% to $96, Can Rally Continue in March 2026?
- Bitcoin Price Prediction as US-Iran War Enters 4th Consecutive Day
- Top 5 Historical Reasons Dogecoin Price Is Not Rising
