Samsung Securities in partnership with six other securities firms plans to launch new cryptocurrency exchanges. The seven companies, all members of the Korea Financial Investment Association Plan, filed for approval to operate virtual asset exchange.
Two of these firms are Mirae Asset Securities and Samsung Securities. The reports did not name the other parties involved in the group.
As per the reports, Samsung Securities has sought approval from South Korean regulators to operate exchanges in the first half of 2023. Aside from the collective goal of owning and operating a cryptocurrency exchange, the members are also pursuing their individual goals around cryptocurrency.
Samsung is reportedly carrying out market research on how to provide blockchain-based security token business. The firm’s attempt to hire a team to develop and operate a security token platform last year did not materialize.
Mirae Asset Securities on the other hand will provide trading services for Bitcoin and Ethereum together with dealing with NFTs. Earlier in September, over 60 exchanges were shut down for failing to meet regulations. Investment firms like Samsung Securities are looking to fill this void.
Before its interest in operating an exchange, Samsung invested in several crypto firms. Recently published data from Blockdata reveals that it is the most active investor in blockchain-focused firms between September 2021 and June 2022.
It has participated in funding rounds for companies including Yuga Labs, Animoca Brands, Flowcarbon, and Sky Mavis amongst others. During this period the firm has spent about $979.26 million in investment.
South Korea to hasten crypto legislation
The group’s quest for a regulatory license follows the pro-crypto stance of newly elected president Yun Seok-yeol. The South Korean government is currently working on speeding up the reviewing process on pending bills relating to digital assets.
According to the regulator, the legislation will maintain a balance and focus on blockchain development, investor protection, and market stability.
This became necessary after the terra-luna crash that wiped out billions of investor funds. The South Korean government has since secured a travel ban against the developers of the project.