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Aug 2, 2015 at 18:00 comment added Qiaochu Yuan If $K$ doesn't contain a square root of $-1$, then your group is the quotient of the multiplicative group of $K[i]$ by the multiplicative group of $K$. The closest ring in sight is $K[i]$, which, being a field, has no nontrivial quotients.
Aug 2, 2015 at 17:44 comment added Qiaochu Yuan Your proposed multiplication isn't well-defined if $K$ itself already contains a square root of $-1$: in this case, $K[i]$ has zero divisors, so it's possible for the "product" of two points to have both coordinates zero and hence to not be a well-defined point on the projective line.
Aug 2, 2015 at 17:29 vote accept Wolfgang Tintemann
Aug 2, 2015 at 17:10 answer added Qiaochu Yuan timeline score: 12
Aug 2, 2015 at 15:54 answer added Ben Webster timeline score: 9
Aug 2, 2015 at 15:37 history asked Wolfgang Tintemann CC BY-SA 3.0