Samsung Securities Plans to Launch Its Cryptocurrency Exchange

Financial giant Samsung Securities is strengthening its crypto positioning with the proposed launch of a cryptocurrency exchange. 

Based on reports, it has been gathered that Samsung is presently conducting studies and research into the best strategies to enter the crypto exchange space. Earlier, it had experienced a failed crypto venture in 2021 when it could not get the needed talent to manage its newly developed crypto trading platform.

Samsung Securities is among the seven South Korean brokerage firms that sent out applications for preliminary approval. The application is a preliminary approval requesting authorization to establish a crypto exchange. Mirae Asset Securities is another one of those firms which submitted an application.

Mirae Asset Securities is the largest investment banking and stock brokerage company by market capitalization in South Korea. The investment bank has a subsidiary under its affiliate Mirae Consulting. The consulting affiliate is charged with hiring technical staff for various cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and non-fungible tokens (NFTs).

Once their applications are approved, these companies will begin operations as a crypto exchange in the first half of 2023. It is rumored that this heightened interest in the crypto industry in South Korea is a result of the appointment of a new president. 

South Korea Opens up to the Crypto Industry

Yoon Suk-Yeol has just assumed the office of president in the country and aims to reposition the country as a crypto-centric nation. During his electoral campaign, he guaranteed the citizens that deregulation of BTC and other cryptocurrencies would commence once he becomes president.

In his statement at the time, he said;

“We must shift to a negative regulation system to ensure at least the virtual asset market has no worries.”

Apart from the many companies which intend to set up their crypto exchanges in South Korea, the Asian country is generally tightening its grip on the crypto industry. More compelling is the fact that South Korea has partnered with the Financial Services Commission (FSC) to design guidelines for crypto regulations. 

The partnership is to help safeguard South Koreans against the risks and insecurities in the volatile crypto market.

Recently, South Korea announced its plans to impose about 10-50% gift tax on airdrops. This was due to the consideration that crypto airdrops are gifts and are therefore under the category that pays tax.