Samsung Securities, Mirae Asset Securities, and five other sizable brokers have filed their applications in order to open cryptocurrency exchanges in South Korea in 2023.
According to a local news source from
NewsPim, seven sizable domestic securities companies in South Korea have
submitted applications to set up exchanges for bitcoin and other
cryptocurrencies.
The report only mentioned Samsung Securities
and Mirae Asset Securities as the two entities. However, all seven businesses
have submitted applications for initial clearance to run an exchange in the
first half of 2023.
Following Yoon Suk-victory Yeol’s in the local
presidential election, demand for institutional digital assets is rising in
South Korea. With $648 billion in managed assets, Mirae is South Korea’s
largest investment bank by market valuation.
The securities company intends to create a
subsidiary under its consulting division, Mirae Consulting, to run the
exchange. Mirae also intends to hire technical personnel for the study and
development of bitcoin and other blockchain-based platforms.
Samsung is similarly researching the
best ways to enter the bitcoin and cryptocurrency ecosystem. the security firm
tried to lead the creation of a cryptocurrency trading platform last year but
was unable to accomplish so due to a lack of talent according to the report.
Yoon Suk-recent Yeol’s victory in the
presidential election is said to have sparked a significant uptick in
institutional interest in South Korea. The South Korean president made a
campaign promise to deregulate the markets for bitcoin and other cryptocurrencies.
“We must
shift to a negative regulation system to ensure at least the virtual asset
market has no worries,” Suk-Yeol
stated at the time of his campaign.
The nation’s Financial Services Commission
(FSC) is really advocating a regulatory framework for these kinds of businesses
as part of its commitment to act with regulatory adaptation. The North Korean
Financial Investment Association reportedly requests the framework on a regular
basis.
The FSC will also apparently segregate
security tokens from non-security tokens by amending the current legislation
for cryptocurrencies and securities.
Source: todayincrypto.com