Tech Giant Samsung Planning Launch of Crypto Exchange: Report
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The investment arm of South Korean tech giant Samsung is reportedly looking to launch a crypto exchange platform along with several other prominent securities firms.
According to local media outlet Newspim, Samsung Securities attempted to headhunt for individuals who can take charge of a crypto trading platform and develop blockchain smart contracts last year.
The investment firm failed to find people to fill in the positions, but is reportedly conducting studies on how to venture into the crypto assets exchange business.
The report says that Samsung Securities and six other large domestic securities companies are now seeking the approval of financial authorities to establish their virtual asset exchange by the first half of 2023. The firms are also currently in the process of acquiring their license.
An unnamed official from one of the securities firms says that discussions are already being finalized internally.
“Concrete details may be made after the government announces in the fourth quarter of this year the contents of virtual asset-related legal provisions and deregulation, etc.”
The securities companies are venturing into the crypto exchange business as South Korea’s financial regulator, the Financial Services Commission (FSC), pushes for rules that can address the risks involved in crypto trading.
Last month, FSC chairman Kim Joo-hyun said that he will actively participate in discussions on the Digital Assets Basic Act, which includes proposals to protect crypto investors’ funds from being misappropriated by virtual assets service providers.
Says Kim, according to News1 Korea,
“There is a mixture of expectations for accelerating financial innovation using new technologies such as blockchain and concerns that it may act as a risk factor for investor protection and market stability.”
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Featured Image: Shutterstock/Quanrong Huang/Nikelser Kate
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