Last week held some positive crypto-related announcements from South Korea. Seven large South Korean companies, among which Samsung and Mirae Asset Securities, are working on launching their own crypto asset exchange. The five other companies weren’t named explicitly in the reporting from local news source NewsPim.
Mirae Asset Securities, the largest investment bank of South Korea by market capitalization, is opening a special branch to launch the crypto exchange. While Samsung is mainly known for its electronics, they also have a financial department: Samsung Securities. The tech giant is currently researching how it can position itself in this market. The launch of both crypto exchanges is said to happen somewhere in the first few months of 2023.
The South Korean government has been been opposed to the development of the crypto industry for a long time. Since the new president Yoon Suk-yeol has taken office, however, this position has completely changed. The president has advocated for a less regulated crypto market during his campaign, to be able to most optimally use the potential of this industry. The South Korean financial regulator (FSC) is still in favour of regulation, and is working on a legal framework. Their approach is to offer the crypto market space to develop, while maintaining security and customer protections.
The new stance of Yoon Suk-yeol and the FSC seems to have increased the interest of institutional parties in the country. Although the market has been facing some headwinds when it comes to asset prices, the fact that Samsung and Mirae Asset Securities are entering the crypto domain shows that the adoption of crypto assets is continuing to increase.
Image: Unsplash/Daniel Bernard