Samsung Securities, a subsidiary of Samsung, and Mirae Assets Securities among others are currently seeking approval to launch Bitcoin and other cryptocurrencies exchanges from South Korean regulators.
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New Filings Reveal 7 Companies’ Plans to Launch Crypto Exchanges in South Korea
According to a report by Newspin, seven companies are looking to establish crypto exchanges in South Korea as per new filings.
In the report, only two companies were cited, namely Samsung Securities and Mirae Assets Securities, these two companies along with others are planning to launch the exchanges within the first half of next year.
Currently, Samsung is carrying out research on the best way to join the crypto ecosystem. Samsung Securities last year attempted to spearhead the development of a crypto trading platform but it failed as per lack of talent to make it possible.
Mirae is the largest investment bank in South Korea by market capitalization, having $689 million in its managed assets. The crypto exchange to be launched will be operated under Mirae Consulting.
There has been an increasing influx of institutional interest in South Korea lately, this was according to reports driven by the country’s recent presidential election of Yoon Suk-Yeol who during his campaign vowed to deregulate crypto markets.
“We must shift to a negative regulation system to ensure at least the virtual asset market has no worries,” said Suk-Yeol during his campaign trail.
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