Samsung To Launch A Crypto Exchange In South Korea

South Korean multinational manufacturing conglomerate Samsung is working on a crypto exchange in the country along with the other members of the Korea Financial Investment Association (KOFIA).

According to a report by NewsPim on Monday, seven South Korean securities companies under KOFIA will launch the digital assets exchange in the first half of 2023.

The seven companies have also applied for preliminary approval and establishment of a corporation with regulatory authorities and began obtaining licenses in the second half of 2022.

"Currently, discussions necessary for the establishment are being finalized," said a spokesperson from one of the securities companies.

Samsung is involved in the creation of the crypto exchange through its asset management arm Samsung Securities. Meanwhile, Mirae Asset Securities, South Korea's largest investment banking and stock brokerage, will also be involved in the creation and launch of the exchange.

The report also states that each of these firms has its own crypto goals and they are working on them simultaneously. The exchange led by members of the KOFIA is "seeking not only business models but also independent businesses for each securities company," NewsPim report stated.

It also said that Samsung Securities is currently conducting a study on how to enter the blockchain and crypto industry via security tokens offerings. The South Korean firm planned to hire employees to create and operate a security token platform but was unable to do so.

While Newspim failed to name any other securities firm, it confirmed that Mirae Asset Securities aims to facilitate the trading of various digital assets, including Bitcoin, Ethereum, and non-fungible tokens (NFTs). The firm will start this business at the group level and will also create a subsidiary under Mirae Asset Consulting and a task force via Mirae Asset Group.

In the light of similar events, South Korean firm Dunamu, the firm behind cryptocurrency exchange Upbit, plans to invest nearly $400 million in the next five years in over 500 blockchain startups.