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South Korean companies plan to set up crypto companies in early 2023

South Korea Passes New Cryptocurrency Law
South Korea Passes New Cryptocurrency Law

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Some of the largest companies in South Korea, including Samsung and Mirae Asset Securities, are planning to set up cryptocurrency exchanges next year. The companies are paying attention to the buzzing crypto sector, with plans to run their crypto firms by the first half of 2023.

South Korean companies set to launch crypto exchanges

The crypto regulatory framework in South Korea has been one of the toughest around the world. In 2021, the Financial Intelligence Unit (FIU) enforced mandatory requirements for the crypto industry, which forced more than 60 trading platforms to halt their operations.

A local media publication reported that seven of the largest securities companies in South Korea were planning to launch crypto exchanges during the first half of 2023. The entities have been actively pursuing a license from the local monetary authorities.

Discussions were ongoing for establishing these exchanges and were now in their final stages. Two of the companies that are planning to launch these exchanges include Samsung Securities and Mirae Asset Securities.

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Mirae Asset Securities plans to launch a subsidiary firm via the Mirae Asset Consulting firm. After the subsidiary is created, the exchange will offer Bitcoin and Ether trading services while supporting the trading of non-fungible tokens (NFTs).

Samsung Securities is also planning to venture into the blockchain-based sector. Last year, the technology company launched a token trading platform, but it could also not organize the professionals needed to conduct this task.

The plans of these two leading companies in South Korea align with the pro-crypto stand taken by the new South-Korean president. The president has vowed to create a conducive environment for cryptocurrency trading while fostering a better environment for domestic workers.

Crypto regulations in South Korea

The leading financial market regulator in South Korea is the FIU. In 2021, the regulatory body mandated all domestic crypto companies to comply with the anti-money laundering (AML) laws and register with the regulatory body. Over 60 companies have failed to meet these requirements and have since shut down their operations.

Some of the four leading exchanges in the country, Upbit, Bithumb, Coinone, and Korbit, have fulfilled the FIU’s requirements and are still offering their services to South Korean users. On the other hand, some exchanges like ProBit and Flubit are not allowed to make won settlements.

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