Samsung Securities and six other South Korean securities companies are planning to launch crypto exchange in the first half of 2023.
All these seven firms have applied for preliminary approval and establishment of corporations to run virtual asset exchanges. Mirae Asset Securities is also one of the companies included in the list.
Mirae has established a subsidiary under its affiliate Mirae Consulting and plans to offer Bitcoin and Ether trading services as well as dealing with non-fungible tokens (NFTs).
Samsung is planning to enter the blockchain-based security token business as well. Towards the end of last year, Samsung could not find staff to build a crypto trading platform.
“Indeed asset trading is actively taking place around the world and the market size is increasing year by year..” said an official from the securities industry.
All these seven companies are part of the Korea Financial Investment Association plan. The Korea Financial Investment Association has 59 members that are considered securities companies.
This news is in line with the country’s newly elected President, Yoon Suk-yeol, who campaigned a pro-crypto stance during the elections.
The Financial Services Commission plans to promote the enactment of the ‘Virtual Currency (Cryptocurrency) Business Rights Act’. Moreover, securities tokens and NFTs subject to the Capital Market Act are included in the business area of securities companies.
The current crypto exchanges in the country, including Upbit, Bithumb, CoinOne, Cobit, and Gopax decided to launch a joint consultative body for decision-making. The collective as a whole works towards establishing common screening criteria related to trading support.
