JAKARTA – The South Korean technology giant, Samsung is preparing to launch its own crypto exchange. The Samsung Securities crypto trading platform is scheduled to be released in 2023. Apart from Samsung, another South Korean company, Mirae Asset Securities also plans to do the same.
Mirae itself is a securities company that has set its focus on the crypto industry. The company plans to regulate digital asset trading in the first quarter of 2023.
Previously, South Korea's financial regulator, the Financial Intelligence Unit (FIU) had set strict requirements that must be met by various crypto trading companies in South Korea. Around more than 60 crypto exchanges were forced to stop operating because they did not meet the requirements of the FIU.
According to local media reports, about seven major securities firms in South Korea are planning to set up crypto exchanges next year. In recent weeks, they are reported to have cooperated with the domestic financial supervisory agency to obtain a license to operate.
"Currently, the necessary discussions for the establishment are being finalized," said an official from one of the companies, quoted from CryptoPotato.
Of the seven big companies mentioned above, two of them are Mirae Asset Securities and Samsung Securities. Mirae itself will just introduce a crypto trading platform by establishing a line of companies under the auspices of Mirae Asset Consulting. Mirae plans to trade cryptocurrencies as well as NFTs.
Meanwhile, Samsung Securities plans to enter the blockchain-based securities token business. In 2021, the company tried to launch a token trading platform but was unable to organize the necessary professional team to carry out the related tasks.
On the other hand, South Korean president-elect Yoon Suk-yeol is a pro-crypto figure. As early as 2022, he pledged to reduce income taxes from profits from trading digital assets. It is aimed at creating a better environment for domestic crypto investors.
Strict Regulators in South Korea
South Korean regulator FIU has become a scourge for domestic crypto trading firms. By 2021, the FIU has set strict rules for crypto exchanges, including anti-money laundering (AML) rules. Regulators are also urging crypto exchanges to register their companies with the FIU.
As mentioned above, more than 60 crypto trading companies failed to meet the FIU's stringent requirements. Dozens of local crypto exchanges were forced to close in the last year.
While the largest crypto trading companies in South Korea, Upbit, Bithumb, Korbit, and Coinone were able to meet the requirements set by the FIU. While ProBit, Flybit, and Cashierst, have also been qualified so that they can continue to operate in South Korea.
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