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Samsung working on South Korean cryptocurrency exchange

Key Takeaways

  • Samsung and other members of the Korea Financial Investment Association are structuring cryptocurrency exchanges Place.
  • Major financial company Mirae Asset Securities also participated. The other participants have not been named.
  • In addition to collective efforts, these companies appear to be pursuing individual goals around cryptocurrencies.

Traditional brokerages such as Samsung Securities Co. Launch of a cryptocurrency exchange.

Samsung, others pursue crypto exchange

Samsung and several other companies may launch a crypto exchange.

According to from NewsPim On August 22, seven Korean securities companies under the Korea Financial Investment Association planned to open a virtual asset company.

These companies are starting to obtain licenses in the financial sector in the second half of 2022, and they plan to set up virtual currency companies in the first half of next year.

Korean multinational giant Samsung participated in the transaction nge was created through Samsung Securities. Mirae Asset Securities, South Korea’s largest investment bank and stock brokerage firm, is also involved.

It appears that these companies are also working towards their own personal cryptocurrency goals. Group-led exchanges “seek not only business models, but also independent businesses for each securities firm”, NewsPim Say.

Samsung Securities is reportedly conducting a study to help it decide how to enter the blockchain business through security tokens . Samsung tried last year to hire staff to develop and operate a security token platform, but it failed.

Meanwhile, Mirae Asset Securities plans to deal with various digital assets, including Bitcoin, Ethereum and non-fungible tokens (NFTs). It is planned to conduct business at the group level, set up a subsidiary under Mirae Asset Consulting, and set up a working group through Mirae Asset Group.

NewsPim reports did not name other group communication participants for their efforts. The Korea Financial Investment Association has 59 members that are considered securities firms, any of which may be involved.

NewsPim pointed out that these companies may have been motivated by the deregulation of cryptocurrencies under Yin Xilie’s leadership. Government starting in May. South Korea’s Financial Services Commission plans to advance a digital asset framework bill to create a more open industry.

Despite the apparent easing of restrictions, South Korean authorities target several cryptocurrency exchanges for wrongdoing. Last week, the country took action against 16 unregistered exchanges operating in the country.

In recent months, authorities have also taken action against Terraform Labs, the South Korean company behind the defunct Terra stablecoin.

Disclosure: At the time of writing, the author of this article Own BTC, ETH and other cryptocurrencies.

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