Seven major South Korean brokerage firms filed applications for the approval of corporate structures to launch cryptocurrency exchanges in the first half of 2023. NewsPim reports.
“The necessary discussions with the authorities are currently being concluded,” a representative of one of the firms told the publication.
Mirae Asset Securities has created a subsidiary, Mirae Asset Consulting, to enter the virtual-currency market. The firm is recruiting research-and-development specialists in the field of various digital assets, including Bitcoin, Ethereum and NFTs. The venture advances these directions as part of the overall strategy of the Mirae Asset Group, of which it is a part.
Samsung Securities is examining the possibility of entering the security-token business. Since the end of last year the company has been recruiting staff to build and operate a trading platform, as well as to develop smart contracts. According to the publication, the firm has faced difficulties hiring the necessary specialists.
According to journalists, the interest of major players in the securities industry in the crypto sector corresponds to a softer regulatory stance by the authorities under the new president.
“Indeed, trading of [digital] assets is widely conducted around the world, and the market size is growing year by year,” said one of the brokerage firms.
In August, the Financial Services Commission filed charges 16 overseas cryptocurrency platforms for providing services to residents without registration.
In May, Yoon Suk Yeol, who took office that month, promised to be more industry-friendly and not to hamper the development of new projects. The head of state secured a deferral of two years for the introduction of taxation on virtual currencies. He believes that first it is necessary to pass the “Basic Act on Digital Assets.”
In July, the Financial Supervisory Service начала расследование into alleged assistance by local banks in overseas transfers to crypto exchanges amounting to $6.5 billion, which were associated with the “kimchi premium”.
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