A slew of major South Korean securities firms — many of which may be affiliated with major commercial banks and business groups — could launch cryptocurrency trading platforms as early as next year.
According to Newspim, “seven large domestic brokerages” have applied to financial regulators for “preliminary approval” — hopefully in the “first half of the year” Launch a “virtual asset exchange” next year. “
The names of the seven firms were not disclosed. But an unnamed official at one of the securities firms was quoted as saying, “for now” The “necessary discussions” for the establishment of the exchange are being “finalized”.
The same news outlet explained that the company’s “preliminary authorization” process may To be completed “by the end of this year,” the company also hopes to file a “company establishment application” by 2022.
Some of South Korea’s largest securities Companies have expressed their desire to enter the crypto space and are likely to be one of these seven companies.
One of these companies could be Mirae Asset Securities , one of the largest securities and insurance players in the U.S. Newsspim notes that the company has been “at the group level” has launched its crypto business and has designated a subsidiary to lead its crypto-related business.
The company also reportedly Hiring “R&D staff” in a range of crypto-related fields, “including Bitcoin (BTC), Ethereum (ETH) and non-fungible tokens (NFT). “
Meanwhile, one of Mirae Asset’s biggest competitors, Samsung
The media explained that the company tried to hire experts to help it develop and operate a designated security token trading platform and develop blockchain-based smart contract, but it’s hard to find the talent it’s looking for.
BankNonghyup and Kookmin , both of which have crypto-related business units And securities-related products are also mentioned as companies that may be interested in conducting crypto exchange-related businesses.
Experts believe that “entering securities companies Entering the crypto-asset trading business” is “in line” with President Yoon Siyeol’s pro-business attitude towards cryptocurrencies. Experts agree that the industry expects regulation to be “relaxed” in the coming months.
Multiple banks had previously hoped to enter the crypto space with a slight crackdown on the space in early 2018. However, after these events, most put their plans on hold. However , if Yoon delivers on their promises, they may want to revisit their past plans.
Earlier this month,Cryptonews.com reported that SK Securities , part of the multi-billion dollarSK business group empire, has announced plans to launch a partnership with regional banks Collaborative “Digital Asset Custody Service”.
In addition, this month, Hyundai Motor Securities ( Hyundai subsidiary) seals a deal that handles cryptocurrency transactions SoBithumb, it will Allows users to view the status of their crypto assets and access real-time market price data.
Domestic banks such as the aforementioned Nonghyup and Kookmin Bank – and their competitors Shinhan – has invested in or explored crypto asset custody solutions, and SK affiliate SK Square acquired a 33.2% stake in Korbit