Cryptonews People In Crypto

South Korean Lighting Company CTL Edging Closer to Singapore ICO

ICO Singapore

South Korea

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Last updated:

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

South Korean lighting and electrical components manufacturer CTL has created a Singapore-based subsidy as it prepares to launch an ICO in the country. South Korean media outlet Maeil Business Newspaper says the new company, called Visual Identity, will work with RHTLaw Taylor Wessing, one of Singapore’s biggest law firms, to lay the legal framework for CTL’s ICO.

The token, named BitGcoin, is based on the ERC20 Ethereum standard.

Maeil quotes a CTL spokesperson as saying, “Singapore complies with the regulations and requirements of both ICOs and exchanges. It is one of the countries where companies can freely operate cryptocurrency-related businesses within a clear regulatory framework.”

CTL also plans to launch a Singapore-based cryptocurrency exchange platform. Early this year, it established a joint-venture funding subsidiary in conjunction with LivePlex, a luxury tent-maker and gaming company for its cryptocurrency endeavors. CTL says it also hopes to launch a domestic exchange platform.

ICOs were banned in South Korea last year, although there have been suggestions that the government will look to reverse its decision.

South Korean IT policy has always seen the government back tech companies to the hilt, encouraging them to focus first and foremost on domestic markets and local channels. IT represents 33% of the country’s export economy (and Korea’s export economy is the world’s seventh biggest), and fintech is seen as a powerful growth engine by all parties, not least the current government. Forcing local business to take their trade overseas goes against the grain for Seoul.