Media: major Korean brokers plan to launch crypto exchanges

Media: major Korean brokers plan to launch crypto exchanges

Media: major Korean brokers plan to launch crypto-exchanges

Seven major South Korean brokerages have applied for approval of corporate structures to launch crypto-exchanges in the first half of 2023. NewsPim reports this.

“The necessary discussions with departments are currently being completed,” a representative of one of the firms explained to the publication.

Mirae Asset Securities created a subsidiary, Mirae Asset Consulting, to enter the virtual currency market. The firm employs R&D specialists across a variety of digital assets, including Bitcoin, Ethereum, and NFTs. The company promotes directions within the framework of the overall strategy of the Mirae Asset Group, of which it is a part.

Samsung Securities is exploring entry into the security token business. Since the end of last year, the company has been looking for personnel to create and operate a trading platform, as well as develop smart contracts. According to the publication, the firm faced difficulties in hiring the necessary specialists.

According to journalists, the interest of large securities companies in the crypto industry corresponds to the softening of the regulatory position of the authorities under the new president.  

Yoon Suk-yol, who took office in May, promised to be more industry-friendly and not hinder the development of new projects. The head of state achieved a two-year delay in the introduction of taxation of virtual currencies. He believes that the «Basic Law on Digital Assets» must first be enacted.

Assets such as security tokens and NFTs are subject to legislation regulating the securities market. Therefore, the interest of its players in virtual currencies is logical, the publication noted.

«Indeed, [digital] assets are widely traded around the world, and the volume of the market is growing every year», one of the brokerage companies emphasized.

Recall that in August, the South Korean Financial Services Commission charged 16 foreign cryptocurrency platforms with providing services to residents without registration.

In July, the country's Financial Supervisory Service launched an investigation into alleged assistance by local banks to foreign transfers to crypto exchanges in the amount of $ 6.5 billion, which were associated with the “kimchi premium”.