South Korean fintech giant Toss is currently mapping out its blockchain strategy, with plans to develop its own mainnet and issue a native cryptocurrency. According to local media outlet Blockmedia, the company is internally evaluating whether to build a Layer 1 mainnet or a Layer 2 scaling solution.
Regulatory Environment Influences Decision-Making
Sources familiar with the matter indicate that Toss has yet to finalize its technical roadmap. The decision-making process is currently being impacted by delays in the legislative progress of South Korea’s Digital Asset Basic Act. This bill, which aims to comprehensively regulate token issuance, stablecoins, and cryptocurrency ETFs, serves as a critical framework for domestic financial institutions looking to enter the crypto space.
Since South Korean regulators began working to clarify rules for the digital asset industry, local financial institutions have shown growing enthusiasm for Web3 product development. Many are now racing to establish their presence, with a primary focus on developing KRW-pegged stablecoins, which are viewed as essential infrastructure for the future of digital finance.
Toss has been proactive in this wave. Last year, the company filed a series of trademark applications related to stablecoins. Currently, Toss is developing a Web3 wallet designed to integrate seamlessly with its mobile payment platform, aiming to provide a more intuitive digital asset experience for its existing base of traditional finance users.
As of press time, Toss has not commented on these plans. With the eventual implementation of the Digital Asset Basic Act, more traditional financial institutions are expected to accelerate their concrete efforts in the blockchain space.
