South Korean IT giant Samsung will launch a cryptocurrency exchange platform by 2023.
Samsung is a company that needs no introduction. For several decades now, the South Korean giant has been steadily growing and investing in innovative technologies. Today, thanks to the new favourable crypto legislation in South Korea, Samsung is actively working on the creation of a cryptocurrency exchange.
In South Korea, it is not prohibited to own cryptocurrency and conduct operations with it. Moreover, a major law on the regulation of cryptocurrencies is already being prepared.
“The Digital Asset Framework Act is in the research stage, and tangible results between the second half of this year and the first half of next year” — said Jeong Jae-wook, member of the Special Committee on People’s Strength Virtual Assets.
“Our financial industry is in a situation where it has to be transformed in response to changes in industrial structure and technology caused by digital transformation and big blur. We will create a new chapter so that it can emerge.” — said Chairman Kim Joo-hyun of the Financial Services Commission.
So, what about Samsung? Samsung already has its own blockchain among its products. Samsung has also launched a global blockchain ETF in Asia. Samsung Securities is currently conducting research on how to most profitably enter the crypto business.
Recently, large South Korean companies such as Shinhan Financial Investment, including Samsung, announced the development of cryptocurrency exchanges. Also, they submitted a request for preliminary approval of the creation of a virtual asset exchange at the beginning of next year.
In addition to Samsung, a large South Korean company Mirae Asset Securities (the largest investment banking and stock brokerage company by market capitalization in South Korea) is also involved in the creation of a cryptocurrency exchange. Shinhan Financial Investment, the largest financial group in South Korea, is also involved in this. In addition to these companies, NH Investment & Securities and KB Securities are participating in the project as well.
It’s good news that the giants of the fintech industry are entering the crypto market. This can both improve the end products for users and accelerate the legalization of crypto worldwide. We continue to observe.