Samsung and others may launch a cryptocurrency exchange.
According to a NewsPim report from August 22, seven South Korean securities companies affiliated with the Korea Financial Investment Association intend to establish a virtual asset company.
These companies began obtaining financial authority licenses in the second half of 2022, and they intend to establish a virtual currency company in the first half of next year.
Samsung Securities, a subsidiary of the South Korean multinational conglomerate Samsung, is involved in the creation of the exchange. Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage firm, is also involved.
It appears that these companies are working on their own individual cryptocurrency goals as well. The group-led exchange is “seeking not only business models but also independent businesses for each securities company,” source says.
According to reports, Samsung Securities is conducting research to help it decide how to enter the blockchain business through security tokens. Last year, Samsung attempted but failed to hire employees to develop and operate a security token platform.
Mirae Asset Securities, on the other hand, intends to handle a variety of digital assets, including Bitcoin, Ethereum, and non-fungible tokens (NFTs).
It intends to launch the company at the group level, establishing a subsidiary under Mirae Asset Consulting and a task force under Mirae Asset Group.
The report by NewsPim does not identify any other participants in the group exchange effort. The Korea Financial Investment Association has 59 members who are securities companies and could potentially be involved.
According to NewsPim, these companies may have been motivated by Yun Seok-relaxation yeol’s government of cryptocurrency regulations, which began in May.
The Financial Services Commission of South Korea intends to advance a Digital Assets Framework Act, which could lead to a more open industry.
Despite this apparent relaxation of restrictions, South Korean authorities have accused several cryptocurrency exchanges of wrongdoing. The country took action against 16 unregistered exchanges operating in the country last week.
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