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Samsung plans to launch its own crypto exchange in 2023

 


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


According to local South Korean media, Samsung is not the only major company in the country planning to make new moves into the crypto world. Six other major public companies, including Mirae Asset Securities , also have plans for their own crypto exchanges in 2023 .


These companies all deal in securities directly. And now they are reportedly working with South Korean financial authorities to obtain licenses for exchanges . According to the available information, the talks are already in the final phase.


Samsung and the crypto world

Considered to be one of the biggest companies in the tech space, Samsung is planning to launch its own crypto exchange through Samsung Securities . This is another example of how this giant corporation is adapting to the new industry.


As early as 2021, Samsung launched several initiatives in this area. The South Korean giant has not only developed a wallet function for its Galaxy series smartphones, but also a TV that supports NFTs and the Cardano blockchain.


Local media claim the planned exchange would focus on security tokens . Last year, Samsung tried to launch a trading platform for these assets. At the time, however, the company was unable to proceed with the project due to a lack of specialized professionals.


South Korea's new crypto course

South Korea has historically closely monitored the crypto world. Last year, local regulators banned more than 60 platforms from trading cryptocurrencies . Affected companies were forced to register and comply with the rules of the FIU, the largest local financial regulator. Otherwise they would not have been able to resume their activities.


Dozens of exchanges failed to comply with the set parameters and closed their doors over the past year. However, the four largest South Korean crypto exchanges — Upbit, Bithumb, Coinone, and Korbit — got their licenses.

After the collapse of the Terra ecosystem, the government continued to tighten its oversight of the stock exchanges . Not to forget that Do Kwon, founder of Terraform Labs, was born in South Korea and is under investigation locally.


However, the Asian country has become more open to the crypto industry following the inauguration of its new president, Yoon Suk-Yeol, in May . The politician is a crypto enthusiast and promises to raise the limit on tax-free profits from investing in digital assets.


The ability for large local companies to launch their own exchanges could be a big step forward for South Korea. The state could emerge as a cryptocurrency hub in the Asian continent.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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