While the investors still wait for the thaw of crypto winter to compensate for their investments, industrial giants are monetizing this opportunity by building new projects. For instance, seven South Korean securities companies including Samsung Securities are looking to launch cryptocurrency exchanges in South Korea.
Samsung Securities, a subsidiary of Samsung Futures Inc., is one of the seven firms that have submitted requests to receive preliminary approval for establishing a crypto exchange in the country. According to the reports, Samsung is currently conducting research on how to enter the crypto market most effectively after its failed attempt last year to launch a crypto trading platform.
Amongst the six other firms, only Mirae Asset Securities has been identified. It is the largest investment firm by market capitalization in the country with around $650 billion in assets under management. The report suggests that Mirae is looking to establish a subsidiary under its consulting arm which will operate the exchange as well. Currently, the company is onboarding technical staff that will focus on the development and research of Bitcoin and other blockchain-based platforms such as NFTs.
Currently, all the companies are awaiting approval and once received will launch their exchanges and projects in the first half of the next year. The crypto landscape in South Korea is changing rapidly, as last year only, the regulators imposed anti-money laundering rules on all crypto entities, causing the majority of them to shut down due to a failure in complying.
However, with the pro-crypto stand of the newly elected President, Yoon Suk-Yeol, the investors and developers take a sigh of relief and look forward to the next year of unrestricted development.
We must shift to a negative regulation system to ensure at least the virtual asset market has no worries,” Suk-Yeol said on the matter.
To help accomplish these goals, the report noted that South Korea’s Financial Services Commission (FSC) intends to “revise the relevant laws and push forward with the Digital Assets Framework Act so that they can be managed in one regulated framework divided into security-type tokens and non-security-type tokens.” The agency will also “examine whether domestic virtual assets are securities.”
As obvious, next year will be eventful for South Korea’s crypto community.