South Korean financial majors want to create a virtual asset exchange in 2023: report

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Samsung Securities is among seven major South Korean securities firms that have sought government approval to establish a virtual asset exchange, according to a report in South Korean publication Newspim. The companies aim to set up a company to open a stock exchange in the first half of next year. Newspim cited an unidentified executive said discussions on the project were being finalized.

According to local coverage, Samsung Securities had been exploring ways to develop and operate a securities token trading platform, but was unable to recruit the necessary staff to proceed last year. Mirae Asset Consulting, a subsidiary of Mirae Asset Securities, South Korea’s largest investment bank and equity brokerage by market capitalization, is also hiring staff for cryptocurrency and token research and development. non-fungible (NFT).

The report also mentions NH Investment & Securities, KB Securities and Shinhan Financial Investment. KB Bank announced earlier this year that it was preparing to launch the first crypto investment products in South Korea for retail investors.

Related: Crypto Tax Can Wait, Free Coins Can’t: South Korea Considers Airdrop ‘Gift Tax’

The creation of a supposed virtual asset exchange could be facilitated by the regulatory liberalization instituted by the government of Yoon Seok-yeol, which took office in March. The push by securities firms to create the exchange coincides with preparations to pass the Digital Assets Framework Act, which will encompass both security-type tokens and non-security-type tokens, and establish which assets virtual nationals belong to which category, according to the report. . The country’s Financial Services Commission had been criticized in the past for its regulation of cryptocurrency exchanges.

Earlier this month, South Korea’s Financial Intelligence Unit discovered that 16 foreign-based crypto exchanges, including KuCoin, Poloniex, and Phemex, were operating without proper registration and took a series of actions against them, including requesting the blocking of their websites.

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