South Korea is set to record a high influx of financial and technology companies’ interest in its cryptocurrency space. Globally, financial and securities institutions have entered the crypto industry over the past few months. However, the South Korean crypto industry is moving faster than in other countries.
Samsung, Mirae, and Five Others Requests For Approval
This recent update was made known by Watcher Guru a few hours ago, which revealed that seven companies filed for approval to operate in South Korea. The companies have passed the preliminary test, and they have shown full cooperation with the South Korean authorities.
After the companies fulfill all necessary protocols, the authentication to launch their virtual currency exchanges will be given. Possibly, the companies may launch their exchange platform during the 1st quarter of 2023.
The report stated that the authorities received seven applications; two names were revealed. According to the report, Mirae and Samsung Securities we’re only mentioned.
Mirae Securities is a subsidiary of one of the top investment institutions in South Korea. The financial bank is the most used investment institution in the country, with a market capitalization of over $600 billion.
Before the announcement, the banking institution had recently announced its plan to create an incubation arm. The arm, Mirae securities, will be saddled with the responsibility of running the cryptocurrency/digital assets exchange platform. Also, the electronic producing company Samsung mentioned researching possible ways to expand and boost the South Korean cryptocurrency ecosystem.
Deregulation of South Korea Cryptocurrency Space
The high entry of financial companies into the crypto space was triggered by its president’s promise to deregulate the virtual assets and currency in the country. The recently elected South Korean President, Yoon Suk-Yeol, promised his full support for the cryptocurrency space during his electoral campaign.
Yoon stated that the system must be changed to a deregulation state, and virtual currency industries will be given freedom with minimal restrictions.
After the president’s swearing-in, the crypto space has recorded a progressive wave of adoption and interest from citizens and companies. By 2023, the country would have been fully colonized by virtual currency companies.
The country’s Financial Service agency will develop a policy structure for all crypto companies to safeguard its citizens from scams and fraud. The regulatory plan will be reviewed by the Korean financial regulatory body to avoid abuse of power.
The report stated that Samsung filed for approval in 2021 but was declined as the firm did not meet the required expertise. The banking and investment subsidiary, Mirae securities, also revealed that it would create a research team to study other applications of virtual currencies blockchain technology in the Korean economy.