Samsung Securities, Mirae Asset Securities, and five other sizable brokers have filed their applications in order to open cryptocurrency exchanges in South Korea in 2023.
According to a local news source from NewsPim, seven sizable domestic securities companies in South Korea have submitted applications to set up exchanges for bitcoin and other cryptocurrencies.
The report only mentioned Samsung Securities and Mirae Asset Securities as the two entities. However, all seven businesses have submitted applications for initial clearance to run an exchange in the first half of 2023.
Following Yoon Suk-victory Yeol’s in the local presidential election, demand for institutional digital assets is rising in South Korea. With $648 billion in managed assets, Mirae is South Korea’s largest investment bank by market valuation.
The securities company intends to create a subsidiary under its consulting division, Mirae Consulting, to run the exchange. Mirae also intends to hire technical personnel for the study and development of bitcoin and other blockchain-based platforms.
Samsung is similarly researching the best ways to enter the bitcoin and cryptocurrency ecosystem. the security firm tried to lead the creation of a cryptocurrency trading platform last year but was unable to accomplish so due to a lack of talent according to the report.
Yoon Suk-recent Yeol’s victory in the presidential election is said to have sparked a significant uptick in institutional interest in South Korea. The South Korean president made a campaign promise to deregulate the markets for bitcoin and other cryptocurrencies.
“We must shift to a negative regulation system to ensure at least the virtual asset market has no worries,” Suk-Yeol stated at the time of his campaign.
The nation’s Financial Services Commission (FSC) is really advocating a regulatory framework for these kinds of businesses as part of its commitment to act with regulatory adaptation. The North Korean Financial Investment Association reportedly requests the framework on a regular basis.
The FSC will also apparently segregate security tokens from non-security tokens by amending the current legislation for cryptocurrencies and securities.