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Samsung, Among Others, to Launch Crypto Exchanges in 2023

Mirae Asset Securities and Samsung Securities are some of the Korean companies that want to set up cryptocurrency exchanges next year.

South Korean securities firms have reportedly focused on the crypto industry and plan to set up digital asset exchanges in the first half of 2023. These companies include Mirae Asset Securities and Samsung Securities.

Domestic financial regulators have been very strict with crypto-related entities in the past few years. Last year, prompted by mandatory requirements imposed by the Financial Intelligence Unit (FIU), more than 60 trading venues suspended their operations.

New wave of cryptocurrency exchanges in South Korea

Local media have revealed that seven major South Korean securities firms are planning to set up cryptocurrency exchanges in the first months of next year. More recently, these entities have cooperated with local monetary regulators to obtain a license for such activities by the end of 2022.

“At the moment, the necessary discussions for the institution are being completed,” an official from one of the companies said.

Two of these companies are Mirae Asset Securities and Samsung Securities. Seeking to offer its own crypto platform, the former company plans to set up a subsidiary of Mirae Asset Consulting (an affiliate organization). Once released, the exchange will provide Bitcoin and Ether trading services as well as dealing with non-fungible tokens (NFTs).

For its part, Samsung Securities is seeking to enter the blockchain-based security token business. In 2021, the company attempted to launch a token trading platform but could not organize the necessary team of professionals who had to carry out the task.

Those Korean companies’ plans are in line with the pro-crypto stance of the country’s newly elected president, Yoon Seok Yeol. Earlier this year, he pledged to increase the minimum capital gains tax payment on profits from digital asset investments, thus creating a better environment for local investors.

Pursuit of the financial intelligence unit on crypto exchanges

Last year, South Korea’s largest financial regulator – the Financial Intelligence Unit – instructed all domestic digital asset platforms to comply with anti-money laundering (AML) rules and register with the watchdog. More than 60 companies were unable to meet these requirements and closed their operations in September 2021.

The four major platforms (Upbit, Bithumb, Coinone, and Korbit) have successfully completed the necessary steps and continue to provide services to Korean users.

Companies such as ProBit, Cashierest and Flybit have received security certifications, which have allowed them to continue operating in the country but without making winning compromises.

source

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