Seven major South Korean brokerages have applied for institutional structure approval to launch cryptocurrency exchanges in the first half of 2023. Reported by NewsPim.

“At the moment, the necessary negotiations with the departments are being completed,” a representative of one of the companies told the broadcast.

Mirae Asset Securities established a subsidiary, Mirae Asset Consulting, to enter the virtual currency market. The firm employs R&D specialists in a variety of digital assets, including Bitcoin, Ethereum and NFTs. The company provides guidance within the framework of the general strategy of Mirae Asset Group, of which it is a part.

Samsung Securities explores entry into the security token business. Since the end of last year, the company has been looking for staff to build and operate a trading platform and develop smart contracts. According to the publication, the firm faced difficulties in recruiting the necessary specialists.

According to journalists, the interest of major securities companies in the crypto industry corresponds to the softening of the regulatory position of the authorities under the new president.

Yoon Suk-yol, who took office in May, promised to be more industry-friendly and not hinder the development of new projects. The head of state suffered a two-year delay in the taxation of virtual currencies. He believes that the “Basic Law on Digital Assets” should be adopted first.

Assets such as securities tokens and NFTs are subject to the laws that govern the securities market. The publication therefore stated that its players’ interest in virtual currencies makes sense.

“Really trade [цифровыми] The assets are widely traded all over the world and the market volume is growing every year,” stressed one of the brokerage firms.

Recall that in August, the South Korean Financial Services Commission accused 16 foreign cryptocurrency platforms of providing services to residents without registration.

In July, the country’s Financial Supervisory Service launched an investigation into local banks allegedly facilitating overseas transfers to crypto exchanges of $6.5 billion linked to the “kimchi premium.”

Sandra

I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.