Samsung and other South Korean companies to launch their crypto exchanges in 2023

The country’s new president, Yoon Suk-Yeol, who took office in May, has eased his policy on digital assets and blockchain-based platforms

23.08.2022 - 06:45

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1 min

What’s new? Seven large brokerage firms in South Korea have begun preparations to create their own crypto exchanges, which will be launched in the second half of 2023. According to the local newspaper NewsPim, the firms, which include Mirae Asset Securities and Samsung Securities, have submitted applications for preliminary approval of virtual asset exchange platforms. Samsung is exploring the blockchain-based security tokens market, and Mirae has set up a subsidiary to hire technical staff.

NewsPim’s material

Cryptocurrency situation in Korea. NewsPim writes that the country’s new president, Yoon Suk-Yeol, who took office in May, has eased policies on digital assets and blockchain-based platforms. The fact that major players are eager to enter the crypto market confirms the president’s ease of rules.

Previously, South Korean authorities called on local crypto exchanges to develop uniform rules regarding the listing and delisting of digital assets to protect investors. The initiative came in the wake of the collapse of the Terra blockchain ecosystem.

The current president also said that he would seek a delay in the introduction of a tax on profits from investments in cryptocurrencies until consumer rights were protected. The tax was originally supposed to be introduced in early 2022.

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