Samsung Securities could present its cryptocurrency exchange project during the first half of 2023.
According to recent information published by the local newspaper NewsPim, several large South Korean companies have introduced Applications for licenses for the creation of cryptocurrency exchanges for the first half of 2023.
Among the companies that have applied for a license to create an exchange, the following stand out: Samsung Securities and Mirae Asset Securities, a subsidiary of South Korean investment bank Mirae Bank.
These presentations have caught the attention of experts, as South Korean financial regulators are Very strict with entities related to cryptocurrencies. Last year alone, mandatory requirements for the Financial Intelligence Unit (UIF) forced more than 60 cryptocurrency companies to cease operations.
South Korea's tough crypto legislation
Despite the change in the country's government, whose new president has a pro-crypto mindset and promised to lift the ban on cryptocurrencies, earlier this week South Korea has implemented a New tax on donations to cryptocurrency airdrops ranging from 10% to 50%This tax is governed by the Inheritance and Gift Tax Law, and follows the strict regulations of the previous government.
Last month, the country's crypto regulators established a working group, consisting of private sector experts and members of certain ministries, to “speed up the process of reviewing virtual asset bills.”
Samsung and Miare seek to enter the crypto sector
Samsung Securities has been around for some time Analyzing the sector and looking for the best way to enter the token business, blockchain and cryptocurrency ecosystems. Last year, Samsung has already tried to find enough manpower to complete the development of a platform signals of tokens, with smart contract and blockchain functionalities, although it was ultimately unable to fill the necessary jobs.
Mirae, South Korea’s largest investment bank by market capitalization, has established a subsidiary, Mirae Asset Consulting, with which it intends to develop cryptocurrency services, starting with the creation of an exchange. To this end, the company has also been hiring research and development staff for technologies such as Bitcoin, Ethereum and NFTs.
On the other hand, in the license applications submitted by the two companies, it is detailed that they intend to create an exchange that offers Trading services for Bitcoin and Ethereum, as well as buying and selling NFTs.
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