Samsung, Among Others, Plans to Launch Crypto Exchanges Next Year

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August 23, 2022

In an interesting development, the electronic media giant Samsung and a few other Korean companies are planning to launch independent crypto exchanges by next year. It is interesting to note that all of these companies are launching exchanges with their securities branch. 

Samsung is using its branch Samsung Securities and other South Korean securities companies such as Mirae Asset Securities are on the list. However, the plans can be impeded by the domestic financial regulators who have taken a strict stand against crypto-related entities in the last few years. Moreover, in 2021, the regulators created mandatory requirements that the FIU (Financial Intelligence Unit) enforced over several crypto platforms.

The Changing Landscape of Crypto in South Korea

The news of seven major South Korean securities companies looking to establish crypto exchanges was revealed by local media. It was also revealed that these entities are collaborating with the regulators to receive a license for such activities by the end of 2022. 

“Currently, discussions necessary for the establishment are being finalized,” an official from one of the firms stated.

Among these seven entities, Mirae Asset Securities and Samsung Securities are in the spotlight. While the former aims to develop a consulting subsidiary that will provide Bitcoin and Ether trading services and NFTs, Samsung Securities is likely to enter the blockchain-based security token business. Samsung tried launching a token trading platform in 2021 but could not recruit the necessary professionals to make it happen.

However, with the newly elected President Yoon Suk-yeol with a pro-crypto stand, the future looks bright for the company. This pro-crypto stand is also beneficial for all the crypto developers and local investors as last year several crypto platforms shut their operations because of failing to comply with FIU’s anti-money laundering rules. 

2023 will bring all the crypto enthusiasts in South Korea, a new opportunity to enter the crypto industry.