ITCEN Global is accelerating efforts to build an ecosystem for KGLD based on physical gold.

ITCEN Global is focusing on going beyond issuing gold simply as a digital token by linking custody, liquidity, monetisation and everyday payments into a single financial ecosystem.

Earlier, ITCEN Global disclosed plans to issue KGLD backed by 50 tonnes of physical gold and also announced a concept for a RWA-based gold-standard account called the Gold Standard Wallet.

The National Assembly on the 20th passed the Jewellery Industry Foundation Building and Promotion Bill, referred to as the Jewellery Industry Promotion Act, at a plenary session. The core of the bill is the introduction of a registration system for jewellery businesses and the creation of jewellery industry promotion complexes. Once the registration system takes effect, unqualified and unregistered distributors that had been in a regulatory blind spot will be screened out of the market. ITCEN Global also stressed that the bill establishes grounds for supporting registered businesses with policy funds, equipment and infrastructure.

ITCEN Global subsidiary Korea Gold Exchange has infrastructure responsible for procuring, storing and distributing physical gold for KGLD, and the company said it expects a positive impact from the law taking effect.

An ITCEN Global official said the key in the global gold market lies in how to successfully connect gold beyond simple tokenisation to existing financial infrastructure. The official said ITCEN Global will secure regulatory and custody structures that can be used in overseas markets and strengthen connectivity with global financial institutions, growing beyond a gold token issuer into a project representing Asia's digital gold financial infrastructure.