South Korean securities companies have been reported to have focused their attention on the cryptocurrency industry and plan to launch digital asset exchanges during the first quarter of 2023.
The companies that are involved are Mirae Asset Securities and Samsung Securities.
The financial regulators in the United States have been extremely strict with crypto-related companies over the last couple of years.
Last year, in response to the obligatory requirements which was the Financial Intelligence Unit (FIU) implemented, over 60 trading sites halted their operations.
A Fresh Wave of Crypto Exchanges in South Korea Local newspaper has revealed that seven of the largest South Korean securities companies intend to launch cryptocurrency exchanges within the first few months of the year ahead.
In recent times, these companies are collaborating with national regulators of the financial sector to get the necessary licenses for these operations by 2022’s end. “Currently, discussions necessary for the establishment are being finalized,” an official from one of the companies said.
Two of them include Mirae Asset Securities and Samsung Securities. To launch its cryptocurrency platforms, it is the latter that has plans to create a subsidiary under Mirae Asset Consulting (an affiliated organisation). When it is launched the exchange will provide Bitcoin as well as Ether trading services and will also deal in non-fungible currencies (NFTs).
Samsung Securities, for its part Samsung Securities seeks to enter the security token market based on blockchain. The year 2021 was the time when the company attempted to create the token trading platform, but was unable to organize the needed team of professionals who would have to execute the project.
The strategies of these Korean companies are in line with the pro-crypto policy of the nation’s newly elected President Yoon Suk-yeol. In the past year Yoon Suk-yeol declared his intention to raise the threshold at which he must pay taxes on capital gains gains generated by digital asset investments and, in turn, make it easier for investors in the domestic market.
The FIU’s Hunt on Crypto Exchanges In 2016 South Korea’s most powerful financial regulator The FIU has instructed the local crypto asset exchanges to comply with the AML and anti-money laundering (AML) regulations and sign up with the watchdog. More than 60 companies failed to meet the specifications and were forced to cease their doors in September 2021.
All four exchanges (Upbit, Bithumb, Coinone and Korbit) have successfully completed the required steps and continue offering services to Korean customers. Companies such as ProBit, Cashierest, and Flybit have obtained security certificates, permitting them to continue to operate in the country , but not paying settlements. Special Offer (Sponsored) Binance Free $100 (Exclusive): Use this link to sign up and get $100 for free, plus 10% off on fees for the Binance Futures the first month ( terms). PrimeXBT Special Deal Click this hyperlink to sign up and enter the POTATO50 code for up to $7000 on any deposits.