Seven major South Korean securities companies filed to start their own. Cryptocurrency exchanges The country. The latest development was reported Monday by NewsPim.
NewsPim reported that Mirae Asset Securities, Samsung Securities and five other large brokerage companies applied for preliminary approval to run an exchange in the first half of 2023.
Mirae Asset Securities Co., Limited, the largest South Korean investment bank and stock broker, has $648 billion under management.
As per NewsPim, Mirae created a subsidiary under Mirae Consulting to run the exchange. Mirae seeks technical staff to develop and research cryptocurrency and other blockchain-based platforms.
Samsung Securities is also conducting studies to determine the best way to enter cryptocurrency.
Samsung Securities, a South Korea-based wealth manager, provides a broad range of financial services. These services include brokerage, wealth management and investment advisory. They also offer corporate finance and trading.
NewsPim reports that Samsung Securities attempted to lead the development of a cryptocurrency trading platform last year but failed to attract the talent necessary.
According to the report the sudden rise in institutional interest in South Korea is due to President Yoon Suk-Yeol who was elected in May.
During his recent presidential election trials, President Yoon pledged deregulation of crypto and Bitcoin markets.
To assist in accomplishing such goals, the report disclosed that South Korea’s Financial Services Commission (FSC), the South Korean government’s top financial regulator, plans to revise the relevant laws for BitcoinSecurities, cryptocurrencies and.
The regulator plans to push for a Digital Assets Framework Act, so that all three (Bitcoin and cryptocurrencies) can be managed within one regulated framework, which is divided into security-type tokens as well as non-security tokens.
NewsPim claims that the FSC will also look into whether domestic virtual assets can be considered securities.