• Business giant Hankook gears up for cryptocurrency and NFT action

  • South Korean conglomerate Hankook Technology, part of the business group of one of the world’s largest tire manufacturers (Hankook Tire & Technology), has announced that it is moving into cryptocurrencies and non-counterfeitable tokens (NFTs).

    The business group will announce its plans at a meeting on December 24 at its headquarters in Jung-gu, Seoul.

    The company explained that it will look to “leverage NFTs and cryptocurrencies” for its business lines – a move it hopes to combine with its real estate-related business operations. The company plans to create real estate “asset trading and brokerage” services powered by “blockchain and cryptocurrencies” and a “development” business pathway for real estate related to “blockchain”.

    Hankook Technology plans to issue NFTs or a crypto asset that will allow parties to pay for construction costs, contracts and property sales, and plans to hire a new director – an “expert” who can “integrate cryptocurrency with the real estate sales market.”

    Other South Korean companies pursuing NFT-related business have also received a boost in recent days. Earlier this week, the top financial regulator said it does not consider NFTs to be crypto assets and hinted that it has no plans to tax them under the new capital gains tax law.

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