Consumer electronics and tech company Samsung may launch a bitcoin and crypto exchange in South Korea next year. The number of people investing in cryptocurrencies in South Korea has increased over the past few years. Along with this, strict rules are also being made to protect the investors associated with this segment from financial loss.
About this the local media website NewsPim Report Samsung Securities, a subsidiary of Samsung Futures, is reported to have been among seven companies that are set to open a virtual asset firm under a joint plan by the Korea Financial Investment Association. These may also include South Korea’s largest investment banking and stock brokerage firm Mirae Asset Securities. The report says that Samsung is exploring ways to launch a cryptocurrency exchange. The exchange plans to offer services for trading cryptocurrencies and non-fungible tokens (NFTs), including Bitcoin and Ether.
As per the report, Mirae Asset Securities will handle the functioning of this exchange. Samsung had tried to build a crypto trading platform last year but failed due to its failure to acquire the required talent. The Korea Financial Investment Association has about 60 members and some of them may be involved in starting the exchange.
The interest of South Korean firms in the crypto segment has increased after Yoon Suk Yeol became the President. In his campaign, he promised to deregulate the bitcoin and cryptocurrency markets. South Korean authorities recently banned 16 crypto exchanges for doing business illegally. the inspection has started. These exchanges include Phemex, KuCoin, Poloniex and Digifinex. The Korea Financial Intelligence Unit (KoFIU) has informed authorities about crypto exchanges operating in South Korea without registration. Under South Korean law, unregistered firms that conduct business illegally can face jail terms and fines for their representatives. Apart from this, these firms can also be barred from applying for license for a particular period.