ITCEN GLOBAL said on the 21st it will speed up building the KGLD (K Gold) ecosystem, a real world asset (RWA) gold-linked token based on physical gold.
ITCEN GLOBAL is building a KGLD ecosystem based on physical gold. Under the company's plan, it aims to go beyond simply issuing gold as a digital token to consolidation of storage, liquidity, monetization, and everyday payments into a single financial ecosystem. Earlier, the company revealed a plan to issue KGLD backed by 50 tons (t) of physical gold. It also released a plan for the Gold Standard Wallet, an RWA-based gold standard account.
The National Assembly passed the Act on the Establishment of a Foundation and Promotion of the Jewelry Industry (hereinafter the Jewelry Industry Promotion Act) at a plenary session on the 20th. The core of the bill is the introduction of a jewelry business registration system and the creation of jewelry industry promotion complexes. When the registration system is implemented, unqualified and unregistered distributors that have been in a blind spot of oversight will be weeded out of the market, and the government will also establish grounds to support registered businesses with funds, equipment, and infrastructure.
ITCEN GLOBAL said it is meaningful in that it institutionally supports the transparency of Korea's physical gold distribution structure. ITCEN GLOBAL's subsidiary Korea Gold Exchange has the core infrastructure to handle KGLD's physical gold procurement, storage, and distribution, and it emphasized that it is within the scope of market realignment under this law's implementation.
In the industry, there is a view that if unqualified underground transaction practices are sorted out through the registration system, existing businesses with relatively strong brand trust and distribution transparency could gain greater market influence. However, there is also the task of meeting new regulatory standards, such as registration requirements and quality verification, and related businesses are being asked to also strengthen their internal risk management systems.
An ITCEN GLOBAL official said, "By strengthening consolidation with global financial institutions, we will grow beyond a 'gold token issuer' into a project that represents Asia's digital gold financial infrastructure."