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South Korean financial giants aim to open virtual asset exchange in 2023

 


South Korean magazine Newspim reported that seven major South Korean securities firms have applied for government approval to set up a virtual asset exchange. Among these is the company Samsung Securities. The companies want to set up a group and open an exchange through it in the first half of next year. According to Newspim , an unnamed executive said talks on the project are currently set to close.


According to local reports, Samsung Securities has been exploring opportunities to develop and operate a security token trading platform, but has not been able to find the necessary staff to continue working in this direction over the last year. Mirae Asset Consulting is a subsidiary of Mirae Asset Securities, South Korea's largest investment banking and equity brokerage by market capitalization. The subsidiary is currently hiring in cryptocurrency and NFT research and development.


NH Investment & Securities, KB Securities and Shinhan Financial Investment are also named in the report. KB Bank announced earlier this year that it is working to launch South Korea 's first retail crypto investment products .


Setting up a virtual asset exchange could be made easier with looser regulation by Yoon Seok-yeol's government. Preparations are also under way for the passage of the Digital Assets Framework Law, which will include tokens that are securities and those that are not. It also dictates which domestic virtual assets fall into which category, the report says. The country's financial services regulator has been heavily criticized in the past for its regulation of cryptocurrency exchanges .


Earlier this month, South Korea's Financial Intelligence Unit found that 16 overseas-based crypto exchanges, including KuCoin, Poloniex and Phemex, were operating without proper registration. The authority then took a number of measures and demanded, among other things, that the websites of the stock exchanges be blocked.

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