• – South Korea’s OK Financial Group – is announcing its decision to announce its plans to create a crypto asset, as it is one of the country’s largest service providers and is also one of the savings banking service providers.
  • – The company is moving forward with its decision to become one of the growing parts of firms hoping to launch tokens, and it seems to stand out in showing that the days of a nationwide ban on initial coin offerings (ICOs) may be numbered.

The said ban came into effect in 2017 and is known for forcing the likes of Kakao and Hyundai Group companies to launch coins through their overseas subsidiaries. However, Chairman Yoon Seok-Yul began to elaborate in his statements that he was ready to lift the ban.

OK, Financial Group maintains its decision to choose to launch its coin abroad in case the legislation lifting the ban is not enacted on time. The company said that its coin will be ready by the end of this year, reporting to Seoul Kyungjae, providing information about this situation.

The media outlet reported that the company will launch the coin in collaboration with OK Investment Partners (OKIP) and will appear as a “first” for the so-called “secondary” financial industry. The company will move forward by inviting blockchain companies to submit partnership proposals and is ready to announce proposals from firms looking to develop what it will call OK Coin.

The company qualifies for the ICO and crypto market to be followed by scores of other domestic financial industry players, some of whom are planning their moves. The media outlet stated that they are in a way similar to the example of banking giant Woori, which hoped to release its coins before shelved plans when the ban was introduced.

  • – However, the media outlet also stated in their statements that they are “exploring job opportunities”, adopting that “as will rival savings banks and other group companies in the secondary finance sector” “have become nervous” due to OK’s “rapid entry” into the crypto space.
  • – Sangsangin Savings Bank specifically announced its decision to adopt the “blockchain-based crypto-asset trading and brokerage business” and non-changeable token (NFT) “production and brokerage/sales” add-ons to its business avenue list when it announced its decision at the most recent general shareholders meeting. And Japanese financial giant SBI Group, which operates several South Korean subsidiaries (including a savings bank), is also making an increasingly eager look into this particular industry. Pepper Savings Bank, another OK competitor, also recruited a leading blockchain industry official to its management team for this role.
  • – In addition, the media outlet specifically stated that OK Financial Group will “enter the NFT market”.
  • – The OKIP project also conveys thoughts on seeing the company “issue NFTs directly”. OK, Financial Group is also involved in the operation of a professional volleyball team, which was the first professional club to launch a series of NFTs earlier this year. The first series of this NFT was distributed for free.
  • – OK Financial Group also recently announced its decision to place it on the regulatory Fair Trade Commission’s (FTC) corporate watch list. This list also includes companies that may need to be classified as holdings. As previously reported, Dunamu, operator of the Upbit crypto exchange, is gaining recognition this year as the first South Korean crypto company to be classified as a holding under the rules of the FTC.
  • – The FTC and other financial regulators make holdings much more tightly regulated than ordinary companies. But among members of the public, holding categorization can be a positive thing, bringing their brand image to a higher level and enabling them to advance by increasing their level of trust.
  • – It was also stated that OK Financial Group realized its total asset value as 4.1 billion USD according to 2021 figures. It has a total of 15 subsidiaries and is globally recognized as the country’s leading private money lender, the Korea Times reported in May.



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