Samsung to launch cryptocurrency exchange in South Korea
Tech giant Samsung is about to launch a cryptocurrency exchange in South Korea. According to a report, six other large traditional brokerages besides Samsung are preparing to launch cryptocurrency exchanges that could start operating in the first half of 2023.
Samsung Securities & Mirae Asset Securities to run crypto exchanges
In addition to Samsung Securities, a subsidiary of Samsung Futures Inc, the large South Korean investment banking company Mirae Asset Securities is said to be preparing to open an exchange to trade Bitcoin and other cryptocurrencies. In addition to the two named companies, applications from five other major companies have reportedly been received:
The firms have applied for preliminary approval and establishment of corporations to run virtual asset exchanges.
Another turn in South Korea's crypto policy?
In the last few months, Samsung has frequently attracted attention by taking crypto-friendly steps, such as being an active investor in blockchain related companies. The South Korean government, on the other hand, is following a changeable course. South Korean President Yoon Suk-Yeol, in office since May 10, 2022, had announced his intention to regulate the crypto sector less than his predecessor Moon Jae-In. However, the collapse of the TerraUSD stablecoin (UST) has caused the authorities to become stricter again. For example, it recently became public that there are plans to make profits from airdrops and staking rewards subject to gift tax.
The coming weeks and months will show which direction the South Korean government will take. Major South Korean companies are now leading the way towards better crypto adoption.
This article does not provide investment advice. Historical cryptocurrency data is not a guarantee of future market developments. The author may hold several of the cryptocurrencies mentioned in this article.
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