Samsung aims to launch Crypto Exchange in 2023

by Arthur · August 25, 2022

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

According to South Korea’s local media, Samsung is not the only major company in the country planning to take new steps in the crypto world. Six other major listed companies, including Mirae Asset Securities, also plan to have a crypto trading platform by 2023.

These entities, which deal directly in securities, are reportedly working with South Korean financial bodies to obtain a license to perform the functions of an exchange. It is reported that the discussions are already in the final stages.

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Samsung and the crypto world

Samsung plans to launch its own stock exchange via Samsung Securities. This provides yet another example of how the company – considered one of the largest in the technology field – is adapted to the crypto industry.

Samsung launched several initiatives in relation to this in the past year. The South Korean giant has developed a wallet feature for its Galaxy line of smartphones, and a TV that supports non-fungible tokens (NFTs) and Cardano exposure (ADA).

Now local media claim that their future exchange will be focused on security tokens. It is worth remembering that last year the company already tried to launch a trading platform for these assets, but was unable to continue with the project due to a lack of specialized professionals.

Has South Korea turned pro-crypto?

South Korea has a history of strong oversight of the crypto world. Last year, the country’s regulatory bodies blocked more than 60 platforms from trading cryptocurrencies. These companies had to register and comply with the rules set by the FIU, the largest local financial supervisory authority, in order to resume their operations.

Dozens of exchanges failed to comply with the established parameters and closed their doors last year. Despite this, the four largest South Korean crypto exchanges – Upbit, Bithumb, Coinone and Korbit – have received their licenses.

Furthermore, the government has stepped up supervision of exchanges following the collapse of the Terra ecosystem (LUNA). It is worth remembering that Do Kwon, the leader of the project, was born in South Korea, and is being investigated by local agents.

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

In this sense, large local companies being able to launch their own exchanges could represent a major step forward for South Korea to become a cryptocurrency hub on the Asian continent.

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