Amid South Korea’s regulatory changes that will benefit the cryptocurrency industry, Samsung is in the process of creating a cryptocurrency exchange that plans to launch in the first half of 2023. Such information appeared in local media, which also reported that the South Korean giant could develop its own cryptocurrency.

The project is reportedly run by Samsung Securities division, which is trying to build a blockchain-based service. The company has been planning to enter the cryptocurrency market for a long time, but the policy of the former president of South Korea has not contributed to this. The situation changed for the better when Yoon Suk-yeol came to power in May of this year. The country’s leader promised to review the rules of regulating the cryptocurrency industry, raise the minimum tax threshold on profits from digital assets, and also encourage companies and individuals to invest in cryptocurrency.

Now is the best time to launch cryptocurrency exchanges, as the administration of South Korea’s former president in 2021 shut down dozens of platforms based on current law. After the disappearance of all players, this gap left empty by Samsung can be filled. In 2019, the company introduced a secure crypto wallet for its premium smartphones, and a new version of Samsung Wallet has recently been released that bets on security and blockchain. Samsung is also said to be planning to launch its own cryptocurrency in the near future.