Mirae Asset Securities, Samsung Securities, and five other sizable brokers filed their applications to open a new cryptocurrency exchange in South Korea by the end of 2023. According to the local news, seven sizable domestic securities companies are ready to submit their application to open brand new Bitcoin and other cryptocurrency exchanges in South Korea. The reports mention Mirae securities and Samsung securities as two different entities.
However, the reports also state that all seven companies have applied for first-step clearance. This is for running an exchange in the first half of the year 2023. These companies are seen submitting
applications after Yoon Suk Yeol’s demand for a rise in digital assets in South Korea. Mirae is South Korea’s largest investment bank, with a net worth of $648 billion by market valuation. This security company intends to create a subdivision under its consultancy department.
It is also planning to hire technical personnel for Bitcoin’s study and development process and all other blockchain-based platforms. Along with this, Samsung is researching new ways to enter the Bitcoin and cryptocurrency ecosystem. Recent reports state that Samsung securities could establish a new crypto trading platform the previous year due to the absence of talent.
Further, the South Korean president campaigns to make a promise to deregulate the markets for Bitcoin and all other crypto coins. The Financial Services Commission advocates a regulatory framework for such businesses to act with the regulatory adaptation. Also, North Korea Financial Investment requires a common framework. Moreover, FSC plans to segregate the security tokens with non-security tokens for amending the current legislation for cryptocurrencies.
Samsung has been doing a lot of research lately regarding cryptocurrencies which is a good sign. Seeing the big companies putting their heads into the products of the crypto industry shall surely help in its flourishment. This is massive news not only for the South Korea residents but for the crypto industry as a whole. In parallel to this, Mirae is taking big steps towards successful establishment of the exchange in the crypto ecosystem.
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