South 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.
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone