The South Korean tech giant's investment firm, Samsung Securities, is considering launching a cryptocurrency exchange of its own next year. With this, the company wants to move further into the crypto sector than it has already done with its preceding projects.
According to South Korea’s local media, Samsung is not the only major company in the country that is planning to take new steps in the crypto world. Six other major Korean companies, including Mirae Asset Securities, also have plans to have a crypto trading platform in 2023. These entities, which deal directly with securities, are reportedly working together with South Korean financial bodies to obtain a license to perform the functions of an exchange. Discussions are reported to already be in their final stages.
Samsung's entrance into the crypto markets
The Korean tech giant has plans to launch its own exchange via its investment arm Samsung Securities. This provides yet another example of how the company - considered one of the biggest in the technology field - is attuned to the crypto industry. They already launched several initiatives in relation to this in the past year. Samsung has developed a wallet function for its Galaxy line of smartphones and a TV that supports non-fungible tokens (NFTs) and crypto exposure.
Now, local media claims that their future exchange will be focused on security tokens. It is worth remembering that last year the company already tried to launch a trading platform for these assets, but was unable to proceed with the project due to a lack of specialized professionals.
Tough times for the Korean ecosystem
South Korea has a history of strong oversight of the crypto world. Last year, the country’s regulatory bodies barred more than 60 platforms from trading cryptocurrencies. These companies had to register and comply with the rules established by the FIU, the largest local financial supervisor, in order to resume their activities. Dozens of exchanges failed to conform to the established parameters, closing their doors last year. Despite this, the four largest South Korean crypto exchanges - Upbit, Bithumb, Coinone and Korbit - have obtained their licenses.
Furthermore, the government has stepped up its oversight of exchanges following the collapse of the Terra ecosystem. It is worth remembering that Do Kwon, the leader of the project, was born in South Korea, and is being investigated by local agents.
However, the Asian country has become more receptive to the crypto industry after its new president, Yoon Suk-Yeol, took office in May. The politician is a crypto enthusiast and promises to increase the limit for non-payment of taxes on profits from investments in digital assets. In this sense, large local companies being able to launch their own exchanges can represent a great advance for South Korea to become a cryptocurrency hub on the Asian continent.
