A South Korean newspaper, NewsPim, said that unnamed business insiders said that Samsung and seven other traditional brokerages in South Korea want to start a cryptocurrency exchange under the Korea Financial Investment Association in the first half of 2023.
As the businesses get ready to start selling virtual currencies, they have already started laying the groundwork for applying for licences from financial regulators.
Samsung is taking part in the process through Samsung in crypto Securities, an investment firm in South Korea. Mirae Asset Securities, which is the largest brokerage in South Korea, is also helping with this project.
A recent increase in the number of online exchange businesses
According to the research, these companies also seem to be working on other cryptocurrency projects. The goal of the group work is to create business models and stand-alone companies for each security company.
Reports say that Samsung Securities is looking at the industry to decide if it wants to get into the blockchain business using security tokens.
The local newspaper said that Samsung in crypto had tried to make and run a security token platform in the past but had failed because it didn’t have enough staff.
What’s up?
The rules of Yun Seok-easing yeol’s government seem to be in line with letting security exchanges happen.
South Korea’s president had already promised to be more open to the cryptocurrency industry. South Korea’s Financial Services Commission plans to push for the Digital Assets Framework Act to make the financial sector more open.
Still, the news is interesting, especially given South Korea’s experience with trading cryptocurrencies. In the last three years, the country’s intelligence service has stopped more than 60 crypto businesses from doing illegal things.
But Yoon’s more open attitude toward cryptocurrencies and his promise to create “unicorns” based on blockchain technology made it seem like the perfect time for forward-thinking companies like Samsung to try their hands in the space.
Tell us your views on Samsung in crypto until then see you in another daily post only at CryptoSharX.
