Samsung Securities plan to launch crypto-exchanges in South Korea

Despite the crypto winter and the fall of major cryptocurrency projects, several traditional brokerage firms in South Korea were preparing to launch their exchanges. Such as the case of Samsung securities, which is in the process of figuring out the best way to provide South Korean customers with cryptocurrencies, non-fungible tokens (NFTs), and eventually tokenized securities.

• Samsung Securities Co Ltd is a Korea-based company primarily engaged in financial investments. The company operates through six segments:
• The brokerage segment provides equity brokerage services.
• The Corporate Finance segment provides financial services related to initial public offering (IPO), mergers and acquisitions (M&A) and project finance (PF).
• The Futures Brokerage segment is engaged in the brokerage of futures contracts.
• The Corporate Trading segment provides consignment sales services to domestic and foreign institutions.
• The Proprietary Trading segment is primarily engaged in the management of equities, bonds, derivatives and other products.
• The foreign business segment provides stocks, futures and options to foreign investors.

How could Samsung enter the cryptocurrency business with a trading platform?

A media report in South Korea claims that the country’s regulations regarding digital currencies may be about to change following the election of Yun Seok-Yeol as president.

Seok-Yeol is a conservative from South Korea’s People Power Party. South Korean President Yoon Suk-Yeol had previously stated that he would implement pro-crypto laws, and Terra has caused some blockades. However, without being bound by the project, leading companies like Samsung and Mirae seem to be getting involved in the crypto-world.

In this sense, domestic securities companies in South Korea have begun the process of obtaining a license from the country’s regulator to launch crypto-exchange platforms. These companies are expected to receive their licenses sometime in the third or fourth quarter of 2022.

The report claims that at least seven major securities companies are pursuing preliminary approval from South Korea’s regulator. The report quotes an official from one of these companies confirming that “the necessary discussions are being finalized.”