Samsung Securities Plans to Launch A Crypto Exchange In Early 2023
According to the reports coming from the South Korean news agency, Samsung is planning to launch its crypto exchange as early as next year. The tech giant will participate in the crypto market through its financial subsidiary Samsung Securities.
Samsung Securities is one of South Korea’s leading financial services firms offering services like corporate finance, stock brokerages, asset management ,and proprietary trading.
The report from South Korean news agency reads: “Samsung Securities is conducting a study on how to enter the blockchain-based security token business. At the end of last year, the company tried to find the manpower to take charge of the development and operation of the security token trading platform, and the development of blockchain smart contracts, but were unable to find employment.”
Along with Samsung, seven more financial securities firms have applied with the Korean regulator for the establishment of a virtual asset exchange by the first half of 2023. The recent easing go regulations by the Yun Seok-yeol government has boosted confidence among local players to participate in the crypto space.
As per the local media reports, South Korea’s Financial Services Commission (FSC) is planning to promote the ‘Virtual Currency (Cryptocurrency) Business Rights Act’. The local news publication also notes that “the FSC plans to revise the relevant laws and push forward with the Digital Assets Framework Act so that they can be managed in one regulated framework – divided into security-type tokens and non-security-type tokens”.
At the same time, the FSC is working to examine whether domestic virtual digital assets qualify as securities. Under the new government, the securities industry is also considering ways to provide non-fungible tokens (NFTs), security tokens, crypto custody solutions and wallet services.
“This is because securities tokens and NFTs subject to the Capital Market Act are included in the business area of securities companies, so it is appropriate to trade at ATS in the future. Currently, in accordance with the Act, Enforcement Decree, and Regulations on the Capital Market and Financial Investment Business, the trading target of multilateral trading companies (ATS) is limited to listed stocks and depository securities (DRs),” notes the local media.