Major securities firms are joining forces to launch a crypto exchange in South Korea.
South Korean Securities Companies, such as Samsung Securities and Mirae Asset Securities, are asking the Korean financial watchdog to approve their plans to create a crypto exchange.
According to the news report shared by the local media channel, Samsung Securities and Mirae Asset Securities are among seven firms that aim to create a virtual asset exchange company.
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All companies involved in this launch are members of the Korea Financial Investment Association. However, the report doesn’t disclose the remaining five companies involved in this launch. It would be difficult to guess, as the association has 59 members.
The seven members of the association started the procedures to gain licensing in the second quarter of 2022 and expect to launch a crypto exchange in the first half of 2023.
The news report notes that the discussions concerning the launch of crypto exchanges are being finalized.
Last year, Samsung attempted to launch its own crypto trading platform. However, according to sources, the company failed to acquire the necessary employment to move forward. Following the new launch, Samsung Securities are searching for ways to successfully enter the crypto exchange market.
On the other hand, Mirae Asset Securities, the largest investment banking and stock brokerage company in South Korea, is gathering personnel for research and development departments. The new employers will work towards providing insights into Bitcoin (BTC), Ethereum (ETH), and non-fungible tokens (NFTs).
Despite working together to launch a crypto exchange, companies are also working on their own projects. According to the news report:
The virtual asset exchange led by the Financial Investment Association is seeking not only business models but also independent businesses for each securities company.
The South Korean crypto industry is undergoing many changes. On August 22nd, the South Korean Ministry of Strategy and Finance announced its plans to implement hefty gift taxes on crypto airdrops. Previously, the South Korean government postponed crypto gains taxes to 2025.
