Next year, Mirae Asset Securities and Samsung Securities are among the Korean firms planning to establish cryptocurrency exchanges.
According to reports, South Korean securities firms have shifted their emphasis to the cryptocurrency market and want to establish digital asset exchanges in the first half of 2023. Mirae Asset Securities and Samsung Securities are examples of such companies.
In recent years, domestic financial authorities have been particularly stringent with crypto-related firms. In response to the obligatory regulations set by the Financial Intelligence Unit (FIU) in 2016, over sixty trading venues ceased operations.
A New Flux of Cryptocurrency Exchanges in South Korea
Seven big South Korean securities firms want to build cryptocurrency exchanges in the first few months of next year, according to local media. Recently, these firms have collaborated with domestic monetary watchdogs in an effort to get a licence for such operations by the end of 2022.
“The required negotiations for the establishment are now being finished,” a representative from one of the companies indicated.
Samsung Securities intends to join the business of blockchain-based security tokens. The company attempted to build a token trading platform in 2021 but was unable to assemble the required team of specialists.
The ambitions of these Korean companies align with the pro-cryptocurrency position of the recently elected president of South Korea, Yoon Suk-yeol. Earlier this year, he pledged to raise the minimum threshold for paying capital gains tax on income from investments in digital assets, to improve the climate for domestic investors.