The investment arm of South Korean tech giant Samsung is reportedly looking to launch a crypto exchange platform along with other prominent security firms.
According to local media Newspm, Samsung Securities last year tried to hunt down individuals who could take charge of the crypto trading platform and develop blockchain smart contracts.
Although the investment firm has failed to find people to fill the positions, it is said to be conducting studies on how to venture into the cryptocurrency exchange business.
The report. He says. Samsung Securities and six other large domestic securities firms are seeking approval from financial authorities to set up a virtual asset exchange in the first half of 2023. The companies are also getting their licenses.
An official from one of the security firms, who spoke on condition of anonymity, said the discussions were already being finalized internally.
“In the fourth quarter of this year, concrete details can be made after the government announces the content of legal provisions and regulatory systems, etc. related to virtual property.”
Security firms are entering the crypto exchange business as South Korea’s financial regulator, the Financial Services Commission (FSC), issues regulations that could address concerns about crypto trading.
Last month, FSC Chairman Kim Joo-hyun said he would actively participate in discussions on the Digital Assets Basic Law, which includes proposals to prevent crypto investors’ funds from being siphoned off by virtual asset service providers.
He says. As reported by Kim News1 Korea
“There is a mix of expectations that using new technologies like blockchain to accelerate financial innovation and risks to investor protection and market stability could pose a risk.”
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