The tech giant’s investment firm, Samsung Securities, is considering launching its own cryptocurrency exchange next year.
Samsung Seeks To Launch Crypto Exchange In 2023
According to South Korean local media, Samsung is not the only major company in the country thinking to take new steps in the crypto world. Six other major listed companies, including Mirae Asset Securities, also plan to have a crypto trading platform in 2023.
These entities that deal directly with securities are reportedly working with South Korean financial institutions to obtain a license to perform exchange functions. It is reported that the discussions are already in their final stages. Samsung plans to launch its own exchange through Samsung Securities. This delivers yet another example of how the company, considered one of the largest in the tech space, has adapted to the crypto industry.
Samsung has launched several initiatives on this in the past year. The South Korean giant has designed a wallet function for Galaxy series smartphones and a TV that supports non-tradable tokens (NFTs) and Cardano exposure (ADA).
Now, local media are claiming that their future exchange will focus on security tokens. It is worth recognizing that last year the company tried to launch a trading platform for these assets but could not continue the project due to the lack of competent professionals.
South Korea has a strong history of surveillance over the crypto world.
Last year, the country’s regulatory agencies banned more than 60 platforms from trading cryptocurrencies. These companies had to report and comply with the rules set by the FIU, the largest local financial auditor, in order to continue their operations.
Dozens of exchanges closed their doors last year by not complying with the set parameters. Despite this, the four biggest South Korean crypto exchanges – Upbit, Bithumb, Coinone and Korbit – received their licenses.
Also, the government stepped up its stock market surveillance after the collapse of the Terra ecosystem (LUNA). It is worth remembering that the leader of the project, Do Kwon, was born in South Korea and was investigated by local agents. However, the Asian country has become more open to the crypto industry after its new president, Yoon Suk-Yeol, took office in May. The politician is a crypto fanatic and promises to increase the tax exemption limit on profits from investments in digital assets.
In this sense, the ability for large local companies to launch their own exchanges could represent a major advance for South Korea to become a cryptocurrency hub on the Asian continent.