With the crypto winter, South Korea decided to implement regulatory measures in the market. She has also done surveys on different platforms. Meanwhile, several brokerage firms have sent in requests for approval to set up their exchanges.
Seven brokerage firms want to launch crypto exchanges
According to a tweet from Digital Galactics on August 22, Samsung Securities plans to launch cryptocurrency exchanges in South Korea. This subsidiary of Samsung Futures Inc has certainly educated itself on the market for blockchain-based security tokens. But, it does not yet have the necessary staff to set up a cryptocurrency trading company.
Another brokerage firm called Mirae Asset Securities planned to create an exchange. In this context, it created a subsidiary under an affiliated company called Mirae Asset Consulting. And this company reportedly started hiring people for research and development, overseeing cryptos and NFTs.
You should know that a total of 7 companies have started the process to obtain authorization to create crypto exchanges. These companies wanted to officially launch in the first half of 2023. It should be noted that only the companies Samsung Securities and Mirae Asset Securities were highlighted.
In addition, the South Korean president (Yoon Suk-Yeol) had promised to put in place laws favorable to cryptocurrencies. Nevertheless, the government has become stricter following the collapse of Terra. To this end, he carried out several raids on the exchanges, sanctioning those who did not register correctly.
Brokerages Samsung Securities and Mirae Asset Securities should be able to launch cryptocurrency exchanges in 2023. Note that the South Korean government recently announced that different crypto elements will now be taxed. Among these are the rewards of staking and hard-forked assets.
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