South Korean investment giant Samsung Securities plans to launch a cryptocurrency exchange and security tokens next year. With this, the company wants to go further in the crypto sector than it has already done in its previous projects.
According to local South Korean media, Samsung isn’t the only major company in the country making new moves in the crypto world plans. Six other Korean companies, incl The assets of Mira Securitiesalso has plans for a cryptocurrency trading platform in 2023. These stock exchange firms are reportedly working with South Korean financial authorities to obtain a license to perform exchange functions. The talks are said to be in their final stages.
Samsung’s entry into the cryptocurrency markets
samsung plans Launching its own stock exchange through Samsung Securities. This is another example of how the company – considered one of the largest in technology – has adapted to the crypto industry. In the past year, it has already launched several initiatives in this context. The South Korean giant has a portfolio feature for its Galaxy smartphones and one Upgraded TVthe non-fungible symbol (NFTs) and many more supported cryptocurrencies.
Now the local media claim that the stock market of the future is working Security icons will focus. It should be noted that the company has been trying to create a trading platform for these assets over the past year. However, the project could not continue due to the lack of dedicated professionals.
Hard times for the Korean ecosystem
South Korea has historically closely watched the crypto world. Last year, regulators in the country banned more than 60 exchanges from cryptocurrency trading. These companies had to register and those for Financial Intelligence Unit, the largest domestic financial regulator. They can resume their activities only if they register. Dozens of exchanges have failed to comply with the set standards and closed their trading over the past year. Despite this, the four largest South Korean cryptocurrency exchanges – Upbit, Bithumb, Coinone and Korbit – received their licenses.
In addition, the government after Collapse of the Terra ecosystem It strengthened its supervision of stock exchanges. In view of this event, the project leader, Do Kwon, was also born in South Korea and came under scrutiny from the South Korean authorities. taken.
However, the Asian country after the inauguration of the new president Yoon Seok Yul He became more open to the cryptocurrency industry in May. The politician is passionate about cryptocurrency and has promised to raise the tax-free cap on profits from investments in digital assets. In this sense, the ability of large domestic companies to launch their own exchanges could represent a huge step forward for South Korea. The state can become one Cryptocurrency Center To be in the Asian continent.