Top South Korean securities companies to work together on launching a crypto exchange in 2023

Several domestic securities companies in South Korea have reportedly come forward to launch a virtual asset exchange in the first half of 2023.

As per a report by NewPim, seven major domestic securities companies under the Financial Investment Association have decided to work together for the new crypto exchange. Moreover, they are reportedly seeking licensing and establishment by South Korean financial authorities in the second half of 2022.

The Financial Investment Association’s planned virtual asset exchange is “seeking not only business models but also independent businesses for each securities company,” according to the report.

New crypto exchange in early 2023

On August 22, the securities industry revealed that the establishment of a company and preliminary authorization from the financial authorities have been requested by seven major domestic securities companies to launch a virtual asset exchange in the first half of 2023.

An official from a securities company said that the discussions necessary for the establishment are being finalized.

Notably, South Korean technology industry leader Samsung is also involved in the digital asset exchange development plan via Samsung Securities. In addition, the country’s largest investment banking and stock brokerage company, Mirae Asset Securities, is reportedly also a major participant in the effort.

By creating a subsidiary under affiliated firm Mirae Asset Consulting, Mirae Asset Securities is getting ready to launch a virtual asset company. It is apparently hiring researchers and developers for digital assets, such as Bitcoin, Ethereum, and NFTs, in line with this. Instead of aggressively promoting the virtual asset industry, Mirae Asset Securities is maintaining its presence in the group by joining a task force under Mirae Asset Group.

Samsung Securities, on the other hand, is researching ways to get into the blockchain-based security token market.

Securities firms’ entry into the asset exchange market is in line with the Yun Seok-yeol administration’s easing of rules. The Financial Investment Association and the securities industry have repeatedly urged the “Virtual Currency Business Rights Act,” and the Financial Services Commission (FSC) to support its passage.

Notably, as TheCoinRise reported, South Korea’s financial sector regulator FSC is reportedly planning to prohibit domestic access to overseas crypto exchanges unrecognized by the regulator.