How Samsung Could Get Into Crypto With a Trading Platform

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In South Korea, major financial services and investment companies are preparing to enter the crypto industry. A local media report claims that regulations in the country may be about to change after Yun Seok-Yeol’s election as president.

Seok-Yeol is a People Power Party conservative from South Korea. He led a campaign that promised more economic stability for all social classes, a change in diplomatic relations with China, and the implementation of pro-crypto and bitcoin policies.

In this sense, domestic securities firms in South Korea have started the process of obtaining a license from the country’s regulatory body to launch crypto exchange platforms. These companies are expected to receive their licenses at some point between the third and fourth quarters of 2022.

The report claims that at least seven major securities firms are seeking preliminary approval from the South Korean regulator. The report quotes an official from one of the companies as confirming that “necessary discussions are being finalized.”

One such company is Samsung Securities, the financial arm of Samsung Group, the tech giant’s parent company. The company is currently exploring a way to enter the crypto industry with a security token business on a trading platform.

The report shared few details about the potential upcoming offering or platforms, but Samsung Securities may be researching the best way to provide South Korean customers with cryptocurrencies, non-fungible tokens (NFTs), and possibly securities. token.

In 2021, the company attempted to build a team of people experienced in the blockchain industry, smart contract development, and crypto exchange platforms. The report claims that Samsung Securities failed.

In addition to this company, Mirae Asset Securities will launch a crypto-asset business. The company established a subsidiary called Mirae Asset Consulting and began the process of hiring staff. The platform allegedly offers Bitcoin (BTC), Ethereum (ETH), and NFT.

ETH price is moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Is South Korea Making Crypto Regulation Easier? Other countries may follow

The South Korean government, under new leadership, is working on a bill to provide the fledgling industry with a clear regulatory framework. Called the “Virtual Currency Business Rights Act,” major securities firms in the country are gearing up for its approval.

The law is meant to clarify which digital assets are classified as securities and which are not security tokens. The new classification will also distinguish between digital asset custodial services, wallet services and others. More details are needed to determine the potential implications of this project.

However, the law appears to be the right step in the direction of clearing the air for South Korea’s fledgling asset class, lifting it out of a gray area. The future will tell if its effects will be positive in practice.

According to a Coinbase report, South Korea is one of the G20 countries with ongoing crypto regulation. As seen below, almost all countries except the US, UK, India, and Canada are working on new regulations for digital assets.

Crypto Coinbase South Korea
Source: Wu Blockchain via Twitter
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