Samsung, one of the largest securities industries in the world, has decided to launch its own digital space where crypto pairs, and other digital assets, would be traded. This is a big up for the company. But the organization is not the only one on its mark.
It appears that Samsung has been busy making inquiries into how to enter the blockchain business for a while. Last year, the organization endeavored to replicate the same decision but got inhibited by personnel inadequacy and shortage. Again it seeks to take the next step on the plan. An anonymous source has identified with reporters that the company has successfully received approval from the Financial Investment Commission to forge ahead with the order.
Securities Companies to Found virtual exchanges
A report by NewsPim revealed that the company is not alone, as there are six others in the pursuit of a license to operate an exchange. These companies under the Korean Financial Investment Association started applying for permits at the offices of financial authorities during the second half of 2022.
Mirae Asset Consulting or Securities, the leading banking investment and stock brokerage in South Korea, is confirmed to be one of the platforms involved. Right now, the organization has begun hiring qualified manual labor to foster the reachability of its indulgence. The corporation continues recruiting personnel in blockchain development and Non-Fungible Tokens (NFT) design.
Other organizations on the list of participants are NH Investment & Securities, KB Securities, and Shinhan Financial Investment. Earlier this year, KB declared its intention to set up the first crypto investment services for retailers in South Korea.
NewsPim opined that a facilitator that may have geared up these companies to make these advances was the mitigation of cryptocurrency regulation under the regime of the Yun Seok-Yeol government that took over in March. A source exposed that the Digital Asset Framework act got passed at the same time as when these institutions were pushing for approval of their exchanges. The Act would cover the regulation of both security tokens and non-security tokens. Also, it will map these assets to designated functions.
Sanction Against Unapproved Exchanges
The Financial Services Commission of South Korea got critiqued for regulating cryptocurrency, but that did not restrain them from going after illegally serving institutions. Even as some securities companies are looking to delve into the blockchain business, they do not ignore the requirement to obtain legal documents to back up their running.
Last week, the Financial Investment Association sanctioned 16 unregistered agencies operating within the country. After passing the law taking the top off restrictions, in terms of these companies’ operation, the government did not hold back from going after defaulting corporations running unchecked.
Recently, the government took investigative actions against Terra Labs after its crash two months ago. Other exchanges in Terra’s shoes include Kucoin, Poloniex, and Phemex. These companies were also working without an allowance.