Samsung set to open crypto exchange in South Korea
Under former South Korean president, Moon Jae-In, authorities ensure difficult procedures were in place to stifle and challenge the expanding South Korean crypto sector by subjecting exchanges to a time-consuming registration process.
Yoon Suk-Yeol, the new president of South Korea, took office in May, and he has promised to be very supportive of the cryptocurrency industry, giving new cryptocurrency projects the attention they need.
Stringent but supportive crypto environment in South Korea
The new administration looks to follow the regulatory model of other developed countries to ensure there is consumer safety without stifling innovation.
The South Korean Ministry of Strategy and Finance recently announced that it would implement a gift tax that would affect the creation of airdropped tokens, staking rewards, and hard-forked assets.
Numerous citizens were taken aback by the news the as administration had initially planned to extend the tax on cryptocurrency until 2025. Accelerating the countries tax regulation plans shows sentiment towards driving standardization in the industry.
Samsung to launch the South Korean crypto exchange in 2023
Due to the above mentioned more accommodative crypto environment is South Korea, traditional corporations have recently begun to take a more active interest in the cryptocurrency industry.
A new initiative by Samsung to build a cryptocurrency exchange in South Korea by 2023 was announced by Bitcoin Magazine on the 22nd of August.
According the recent Coindesk report, approximately seven firms have formally submitted applications seeking primary authorization and are establishing corporations to manage an exchange. These platforms are anticipated to debut in the first half of 2023.
Two notable companies mentioned were Samsung Securities (a division of Samsung Futures Inc) and Mirae Asset Securities.
Samsung Securities has been investigating the feasibility of entering the blockchain industry and the security tokens market, hence the plans of launching their exchange in the near future. Mirae has unveiled a new division called Mirae Consulting, which hires technical people to work on various cryptocurrency and Non-Fungible Token (NFT) initiatives.
More blockchain based businesses are expected to be built in South Korea in the coming years, so keep your eyes peeled!
Author: Hassan Alzaza
My Name is Hassan Al-Zaza, I am a detail-driven and experienced SEO Content Writer living in Germany with over ten years of experience developing and producing top-notch content. I have a Bachelor's degree in English Language and Literature and a Master's in Business Communication. I have been working for 12 years in marketing, Content Writing, and ad Copywriting across SMEs, corporate, and public sector organizations in the EU and the Middle East region. I helped build brands for a wide range of successful companies from IT and software consultancies to the finance industry, tourism, and retail.