Korean Company Samsung May Launch Crypto Exchange: Report

Samsung Securities may bring its crypto exchange platform with other leading securities companies.

The adoption of cryptocurrencies is increasing rapidly day by day because of the real use case of the backend technology of blockchain. More than 13 years have been completed for Bitcoin but still, this innovative industry is in the initial phase of adoption because of lack of clear regulatory policies. Over the past few years, conditions for the crypto industry have become better, thanks to the efforts by the crypto friendly policymakers. 

According to a local South Korea news report, 7 Korean securities companies, including Samsung Securities, are planning to establish a new digital assets trade platform by the first quarter of 2023. 

Reportedly the leading Securities companies collaborated, as a part of the efforts to secure regulatory approval from domestic monetary watchdogs.

“Currently, discussions necessary for the establishment are being finalized,” an official from one of the firms stated.”

Mirae Asset Securities and Samsung Securities are also among the 7 companies. The former company will create a subsidiary under Mirae Asset Consulting. Once it will complete its work then it will provide crypto assets trade as well as NFTs trade also. 

It is worth noting that Samsung has already tried to establish its security token business in 2021 but due to a lack of ability to establish a professional team, the company dropped the plan. 

Crypto friendly president

These types of eagerness by such giant companies in the crypto sector was possible because of the Crypto friendly Korean president Yoon Suk-yeol.

Earlier this year, Yoon & also his rival opponents promised to bring better crypto policies. Now Yoo is in power as a winner and he is working more collinearly with what he promised, and results can be seen among the non-crypto players. 

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