South Korean financial majors want to create virtual assets exchange in 2023: Report

South Korean financial majors want to create virtual assets exchange in 2023: Report

According to Newspim, Samsung Securities is one of seven major South Korean securities companies that applied for government approval in order to establish a virtual asset exchange. These companies plan to form a corporation that will open an exchange within the first half next year. Newspim quoted an unidentified executive saying that talks are underway on the project.

Local coverage revealed that Samsung Securities was looking at ways to create and manage a securities trading platform, but could not recruit the right personnel last year. Mirae Asset Consulting is an affiliate of Mirae Asset Securities. It is South Korea’s largest stock brokerage and investment bank by market capital. Mirae Asset Consulting also hires personnel for cryptocurrency research and development.

The report also included NH Investment & Securities (KB Securities), Shinhan Financial Investment and Shinhan Financial Investment. Earlier this year, KB Bank stated that it was preparing for South Korea’s first cryptocurrency investment products for retail investors.

Related: Crypto tax can wait; free coins can’t. S. Korea mulls “gift tax” for airdrops

Yoon Seok-yeol’s regulatory liberalization may have helped to create a virtual assets exchange. He took office in March. According to the report, the push by securities companies to create the exchange coincides in preparations for the Digital Assets Framework Act to be passed. This Act will include both security-type tokens as well as non-security tokens. It also establishes which domestic virtual assets belong to which category. In the past, criticisms of the country’s Financial Services Commission have been levelled at it for its regulation on cryptocurrency exchanges.

The South Korean Financial Intelligence Unit discovered that 16 crypto-exchanges based in foreign countries, such as KuCoin and Poloniex, were not properly registered and initiated a number of actions, including the request that their websites be blocked.

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