A Samsung Crypto exchange in the making

New evidence of that can be seen in the freshly published report that indicates that Samsung Securities applied to launch its own crypto exchange in the first half of 2023, once approved.

It was also noted that the company is in the process of conducting an analysis that would help with establishing themselves as a strong player in the crypto exchange market. Last year Samsung failed to do so due to a lack of industry professionals on their team, which might not be the case anymore.  

Samsung is only one of the seven companies that have made such preliminary requests to be granted approval in launching crypto exchanges as part of the Korea Financial Investment Association plan. As of now, the only other known company from the aforementioned seven is Mirae Asset Securities – the key player in investment banking and stock brokerage by market capitalization in South Korea, which manages assets worth $648 billion. The company intends to create a subsidiary that would further operate the future crypto exchange and is currently seeking blockchain-focused specialists to join the team and work on web3 related initiatives, in particular, non-fungible tokens. 

With the recently elected pro-crypto president Yoon Suk-Yeol, South Korea is planning to walk hand in hand with the fastly developing crypto industry. As part of his presidential campaign, the leader emphasized on his intention to “deregulate” the crypto sector, whilst shifting to a system that ensures that the virtual asset sector “has no worries”. 

As a result, institutions like South Korea’s Financial Services Commission (FSC) aims 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” and also “examine whether domestic virtual assets are securities.” The governmental digital assets program in question is called the ‘Virtual Currency (Cryptocurrency) Business Rights Act’ and its objective is to create conditions that would develop a more welcoming blockchain industry and help South Korea grow its “unicorn” companies.