According to reports, South Korean securities companies have focused on the cryptocurrency sector and intend to launch digital asset exchanges in the first half of 2023. Samsung Securities and Mirae Asset Securities are two examples of such companies.
Domestic financial regulators have recently been very tough with firms associated with cryptocurrencies. Over 60 trading venues stopped operating last year due to the Financial Intelligence Unit’s (FIU) strict rules.
According to a local media report, seven significant South Korean securities businesses plan to launch cryptocurrency exchanges in the first few months of 2019. These organizations have recently been working with domestic financial watchdogs to obtain a license for these activities by the end of 2022.
Samsung Securities and Mirae Asset Securities are two of these firms. The former intends to establish a subsidiary under Mirae Asset Consulting to introduce its cryptocurrency platform (an affiliated organization). When launched, the exchange will deal with non-fungible tokens and offer trading services for Bitcoin and Ether (NFTs).
Samsung Securities is attempting to get into the blockchain-based security token market. The company attempted to build a token trading platform in 2021 but could not compile the necessary team of experts to complete the job.
The ambitions of these Korean companies are consistent with Yoon Suk-yeol, the nation’s newly elected president’s pro-crypto approach. He promised earlier this year to improve the environment for domestic investors by raising the minimum threshold for paying capital gains tax on revenues from investments in digital assets.
