Thursday, July 18, 2024

Samsung Securities, the tech giant’s investment firm, is considering opening its own cryptocurrency exchange next year.

According to local South Korean media, Samsung is not planning to be the only major company in the country to take new steps into the crypto world. Six other major listed companies, including Mirae Asset Securities, also have plans for their own crypto exchanges in 2023.

All of these companies trade directly in securities. And now they are reportedly working with South Korean financial authorities to obtain licenses for exchanges. According to available information, the talks are already in the final phase.

Samsung and the crypto world

Samsung is considered one of the largest companies in the technology sector and plans to open its own crypto exchange through Samsung Securities. This is another example of how this huge corporation is adapting to the new industry.

Already in 2021, Samsung launched several initiatives in this area. The South Korean giant has not only developed a wallet function for its Galaxy range smartphones, but also a TV that supports NFTs and the Cardano blockchain.

Local media claim the planned exchange would focus on security tokens. Last year, Samsung had already tried to launch a trading platform for these assets. At that time, however, the company had not been able to proceed with the project due to a lack of specialized professionals.

South Korea’s New Crypto Course

South Korea has been closely monitoring the crypto world in the past. Last year, local regulators banned more than 60 platforms from trading cryptocurrencies. Affected companies were forced to register and comply with the rules of the FIU, the largest local financial regulator. Otherwise, they would not have been able to resume their activities.

Dozens of exchanges did not adhere to the established parameters and closed their doors last year. However, the four largest South Korean crypto exchanges – Upbit, Bithumb, Coinone and Korbit – received their licenses.

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After the collapse of the Terra ecosystem, the government has further tightened its supervision over the exchanges. Not to mention that Do Kwon, founder of Terraform Labs, was born in South Korea and is being investigated locally.

However, the Asian country is the crypto industry after the new president, Yoon Suk-Yeol, took office in May opposite become more open-minded. The politician is a crypto enthusiast and promises to increase the limit on tax-free profits from investments in digital assets.

The possibility for large local companies to launch their own exchanges could therefore represent a major step forward for South Korea. The state could develop into a cryptocurrency center on the Asian continent.


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