Samsung Securities Plans To Open Crypto Exchange in South Korea

Samsung Securities Plans To Open Crypto Exchange in South Korea
  • Only two of the seven companies were uncovered by the research.
  • Mirae Asset Securities has launched a new division under its sister firm.

From rapidly sketching up a structure controlling the market to exploring a number of different platforms. Several conventional brokerages in South Korea were apparently getting ready to launch their exchanges in the middle of this massive crypto crackdown.

Seven companies have reportedly applied for preliminary authorization and formed organizations in order to run a cryptocurrency exchange. Only two of the seven companies were uncovered by the research, but the launch of these exchanges is projected for the first half of 2023.

Crypto-friendly Legislation

The report named two platforms: Samsung Securities (a division of Samsung Futures Inc.) and Mirae Asset Securities. Samsung Securities has been looking at the possibility of entering the security tokens market, which operates on the blockchain. Unfortunately, the company was unable to get the necessary personnel to launch a cryptocurrency trading operation.

However, Mirae Asset Securities has launched a new division under its sister firm, Mirae Asset Consulting. There have been rumors that the company is looking to fill positions in its research and development department dealing with cryptocurrencies and NFTs.

While South Korean President Yoon Suk-Yeol had earlier promised crypto-friendly legislation, Terra did introduce some obstacles. But it seems that major corporations like Samsung and Mirae are drifting into the cryptocurrency space without any ties to the initiative.

The South Korean Ministry of Strategy and Finance has just now stated that a gift tax would apply to cryptocurrency airdrops, staking incentives, and assets that have been hard-forked. The Inheritance and Transfer Tax Act would impose taxes on this. Many are taken aback by this news, given the government had previously delayed crypto gains tax until 2025.

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