According to local news source NewsPim, seven large domestic securities companies in South Korea have submitted applications to set up Bitcoin and cryptocurrency exchanges.
NewsPim’s report only mentioned Samsung Securities and Mirae Asset Securities by name. It was also revealed that all seven companies submitted applications for initial clearance to run an exchange within the first half of 2023.
With $648 billion in assets under management, Mirae is South Korea’s largest investment bank by market capitalization. The securities firm intends to create an affiliate under its consulting division, Mirae Consulting, to run the exchange.
According to the report, Mirae is also looking to hire technical staff for researching and developing Bitcoin and other blockchain-based platforms for customers.
Going through a similar process, Samsung is researching the most effective ways to become part of the Bitcoin and cryptocurrency ecosystems. The report claims that the securities firm attempted to develop a Bitcoin trading platform last year but was unable to do so because it did not find staff with enough experience.
Yoon Suk-yeol’s recent victory in South Korea’s presidential election is claimed to have sparked a significant rise in institutional interest for Bitcoin and other cryptocurrencies. During his campaign, the South Korean president pledged to deregulate the industry.
Suk-yeol stated that “We must shift to a negative regulation system to ensure at least the virtual asset market has no worries.”
The nation’s Financial Services Commission (FSC) is advocating for a regulatory framework around Bitcoin and cryptocurrencies while adapting to growing developments within the industry. In order to distinguish between security tokens and non-security tokens, the FSC is also reported to be revising the current legislation for Bitcoin, cryptocurrencies, and securities.