South Korea to develop a single wallet for cryptocurrencies and NFTs

The South Korean wireless operator SK Telecom (Korea Mobile Telecommunications Services Corp) will launch its own virtual wallet that can be used both for storing cryptocurrencies and NFTs.

On its official website, SK Telecom announced that representatives of the company have entered into a cooperation agreement with AhnLab Blockchain Company and Atomrigs Lab, which provides for the joint development of a wallet for digital assets. «The online environment is moving into the Web3 sphere, where the user owns and manages all the data. Our joint digital wallet project will be SK Telecom’s big step into the Web3 market,» said Se Heon, Head of Digital Technology at SK Telecom.

As a reminder, the development of cryptocurrencies and NFTs opens up new opportunities for South Korean tech giants. The South Korean president recently announced that the country will introduce cryptocurrencies and NFTs into its financial system by 2024. The legal framework should be approved in 2023, and the law itself will come into force in 2024. The authorities have already stated that the initiative should include investor protection when dealing with cryptocurrencies, NFTs, and meta-universes.