Samsung aims to launch Crypto Exchange in 2023

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Samsung aims to launch Crypto Exchange in 2023

Samsung titlesthe tech giant’s investment firm, plans to launch its own cryptocurrency exchange next year.

According South Korea’s local media, Samsung is not the only major company in the country that is planning to take new steps in the world of crypto. Six other large publicly listed companies, including Mirae Asset Securitiesalso plan to have a crypto trading platform in 2023.

These entities, which deal directly with securities, would collaborate with South Korean financial organizations to obtain a license allowing them to exercise the functions of a stock exchange. The discussions are already in their final phase.

Samsung and the world of crypto

Samsung plans to launch its own exchange through Samsung Securities. This provides another example of how the company – considered one of the biggest in the tech space – is listening to the crypto industry.

Samsung has launched several initiatives in this regard over the past year. The South Korean giant has developed a wallet feature for its Galaxy line of smartphones, and a TV that supports not fungible tokens (NFT) and gimbal exposure (ADA).

Now, local media say their future talks will focus on Security tokens. It is worth recalling that last year the company already tried to launch a trading platform for these assets, but could not continue with the project due to a lack of specialized professionals.

Has South Korea gone pro-crypto?

South Korea has a history of strong monitoring of the world of cryptography. Last year, regulators across the country banned more than 60 platforms from trading cryptocurrencies. These companies had to register and comply with the rules established by the FRCthe largest local financial supervisor, in order to resume their activities.

Dozens of exchanges failed to comply with established parameters, shutting down last year. Despite this, the four largest South Korean crypto exchanges – Upbit, Bithumb, Coinone and Korbit – have obtained their licenses.

Korea crypto tax

In addition, the government has stepped up its surveillance of exchanges following the collapse of the Earth ecosystem (LUNA). It should be recalled that Do Kwon, the leader of the project, was born in South Korea and is under investigation by local agents.

However, the Asian country has become more receptive to the crypto industry after its new president, Yoon Suk Yeol, took office in May. The politician is a crypto enthusiast and promises to increase the limit for non-payment of taxes on profits from investments in digital assets.

In this sense, large local companies being able to launch their own exchanges can be a big step towards South Korea becoming a cryptocurrency hub on the Asian continent.

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