Large multinational corporations have not been discouraged by the emergence of crypto winter. An example of this is a new report that shows that Samsung is considering launching its own cryptocurrency exchange.
Samsung Securities, a subsidiary of Samsung Futures Inc., is one of seven companies that submitted applications for preliminary approval to create a corporation to run a South Korean crypto exchange. According to the report, Samsung is conducting research to find the best way to enter the cryptocurrency market. This comes after it failed to attract the talent necessary to create a crypto trading platform for 2021.
Mirae Asset Securities is the only other firm identified so far. Mirae has $648 billion of assets under management and is the largest South Korean investment according to market capitalization.
Mirae Consulting will create a subsidiary to manage the exchange, according to the report. It is also seeking technical staff to assist in the development and research of Bitcoin and other blockchain-based platforms. The exchanges will be ready for use once they have been approved.
After Yoon Suk Yeol’s recent election to the office as president of South Korea, there has been a rise in institutional interest by South Korean companies. During his campaign, the new president pledged to de-emulate cryptocurrency and Bitcoin markets. Suk-Yeol stated that the country must shift to negative regulation to ensure at minimum the virtual asset markets has no worries.
The report stated that South Korea’s Financial Services Commission will revise relevant laws and push ahead with the Digital Assets Framework Act to help achieve these goals. It will also examine whether domestic virtual assets can be considered securities.