Samsung Contemplates Having a Crypto Exchange Platform

Samsung, a South Korean Tech giant is joining other large security companies plotting to launch crypto exchange firms next year.
South Korea’s Financial Services Commission continues to close doors on crypto exchange platforms that fail to conform to the country’s regulations.

Samsung continues to live as per its mission of promoting an inspiration-focused strategic objective that makes the business an influencer among people and societies around the world. Well, It has also set grounds for becoming a crypto haven. Just weeks after signing an MoU with six companies with plans to construct the Galaxy NFT ecosystem, Samsung Securities, a firm within Samsung has plans to set up digital asset exchanges within the first half of next year.

Big 5 Plan On Launching Crypto Exchange Firms in H1 2023

A south Korean news outlet revealed that seven major security companies have shown tremendous interest in launching crypto exchanges in the first half of next year. By now the companies are in close contact with the local government for licensing before the end of this year.

“Currently, discussions necessary for the establishment are being finalized, Details could be made after the government announced in the fourth quarter of this year that included provisions of the virtual asset law and deregulation” an official from one of the firms stated.

This is the second time Samsung plans to execute the task of creating a crypto exchange platform. The first attempt came in 2021 when the team failed to bring forward professional staff who could carry out the tasks.

The security companies planning to launch crypto exchanges are:

Samsung Securities
Mirae Asset Consulting
NH Investment & Securities
Shinhan Financial Investment
KB Securities.

KB bank showed early signs of joining the crypto world early this year

We plan to prepare for the preemptive launch of related products through domestic and overseas digital asset market research. Considering the speed of adoption of virtual assets in major countries, the company aims to launch products as quickly as possible after the deregulation in Korea. We will launch a virtual asset-themed equity fund, etc. as soon as possible. Periodicals will also be published. Hong-gon Kim, head of KB Asset Management’s Index Quant Management Division stated.

What Does This Mean For South Korea

South Korea is well known for its rigid over the crypto world. Last year South Korean regulators barred more than 60 platforms from trading cryptocurrency. The country also stated imposing git taxes on crypto airdrops of up to 50% in some cases.

In order to resume services, The banned companies have to receive certification from the country’s regulators and go by the rules set by FIU. Some exchanges closed their doors last year after refusing to follow the set protocol and only four big exchanges resumed business which are Upbit, Bithumb, Coinone, and Korbit.

FIU Takes Action on Unlicensed Crypto Exchanges

The Financial Intelligence Analysis Unit (FIU) which runs under the management of the Financial Services Commission run down 16 unregistered crypto exchanges which violated the Special Payment Act. The Unlicensed Crypto Exchanges include: