Tech Giant Samsung Plans to Launch Crypto Exchange: Report
The investment arm of South Korean tech giant Samsung is reportedly looking to launch a crypto exchange platform alongside several other prominent securities firms.
According to local media Newspim, Samsung Securities attempted to headhunt individuals to take charge of a crypto trading platform and develop blockchain smart contracts last year.
The investment firm was unable to find people to fill the positions, but is reportedly conducting studies on how to enter the crypto-asset exchange business.
The report says that Samsung Securities and six other major domestic securities firms are now seeking approval from financial authorities to establish their virtual asset exchange by the first half of 2023. The firms are also in the process of obtaining their license.
An unnamed official from one of the securities firms says that discussions are already being concluded internally.
“Specific details can be made after the government in the fourth quarter of this year has announced the content of virtual asset-related legal provisions and deregulation, etc.”
Securities firms are venturing into the crypto exchange business as South Korea’s financial regulator, the Financial Services Commission (FSC), pushes for rules to address the risks associated with crypto trading.
Last month, FSC chairman Kim Joo-hyun said he will actively participate in discussions on the Digital Assets Basic Act, which includes proposals to protect crypto investors’ funds from being misused by virtual asset service providers.
Says Kim, according to News1 Korea,
“There is a mix of expectations to accelerate financial innovation using new technologies such as blockchain and concerns that it could act as a risk factor for investor protection and market stability.”
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