South Korean financial majors want to create virtual assets exchange in 2023

• DEREK ANDERSEN
• 23 Aug, 2022

Samsung Securities, Mirae Asset Securities and Shinhan Financial Investment are among the financial heavyweights in talks with the government to create the exchange.

Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange,

according to a report in the South Korean publication Newsam. The companies aim to create a corporation to open an exchange in the first half of next year.

Newspim quoted an unidentified executive saying that discussions on the project are now finalized. According to the local coverage,

Samsung Securities had been studying ways to develop and operate a securities token trading platform. Still, they could not recruit the necessary personnel to proceed last year.
 

Mirae Asset Consulting, an affiliate of Mirae Asset Securities, South Korea’s largest investment banking and stock brokerage by market cap, is hiring personnel for cryptocurrency and nonfungible token (NFT) research and development.

The report also mentioned NH Investment & Securities, KB Securities and Shinhan Financial Investment. KB Bank announced earlier this year that it was preparing to launch South Korea’s first crypto investment products for retail investors.
 

The creation of a supposed virtual assets exchange may be facilitated by regulatory liberalization instituted by the government of Yoon Seok-yeol, who took office in March.

The securities companies’ push to create the exchange coincides with preparations to pass the Digital Assets Framework Act, The report said that would encompass security-type and non-security-type tokens and establish which domestic virtual assets belong in which category.

Top THREE Award-Winning Brokers in 2022  LiteFinance |IC Markets|Exness

The country’s Financial Services Commission had previously been criticised for regulating cryptocurrency exchanges. Earlier this month, the South Korean Financial Intelligence Unit found that 16 foreign-based crypto exchanges,

including KuCoin, Poloniex and Phemex, were operating without proper registration and took a series of actions against them, including requesting that their websites be blocked. - cointelegraph

HOT TOPICS
	What Has Happened With 24 Hours In The World? Let's Check Out In One Startled
	Uncovering Soulbound Tokens: What The New KYC Check Means For The Crypto Ecosystem
	TA: Bitcoin Price Showing Early Signs Of Fresh Downtrend, But $22.5K Is The Key