The South Korean tech titan is considering participating in this rapid technological advancement and establishing its very own cryptocurrency exchange within the following year.

Samsung is not the only firm in South Korea that intends to make new ventures into the crypto world; according to local media, six other major exchange-listed companies, including Mirae Asset Securities, are expected to launch a crypto trading platform in 2023. Which deal directly with securities are collaborating with South Korean financial institutions to gain a license to carry out an exchange’s duties.

Samsung is bullish on crypto

Samsung Securities intends to establish its own exchange. This is yet another example of how the company, regarded as one of the largest in the technological field, is tuned into the crypto industry.

In the past year, Samsung has launched many projects related to this. They have created a wallet feature for their mobile devices and televisions that supports non-fungible tokens (NFTs).

Samsung Securities has plans to start its own exchange that is expected to launch in 2023. Teams from the Samsung Securities division are in charge of the project and are developing such a service, that’s naturally based on the blockchain.

This offers another illustration of how Samsung is invested in the crypto market and how much of a serious topic cryptocurrency is for South Koreans.

Is South Korea a supporter of blockchain?

South Korea has a history of strict regulation of the cryptocurrency industry. Over 60 platforms were excluded from trading cryptocurrencies by the country’s regulatory bodies last year. To resume operations, these companies had to register and follow the rules established by the FIU, the largest local financial supervisor.

Dozens of exchanges failed to meet the established parameters and were forced to close their doors last year.

However, since its new president, Yoon Suk-Yeol, took office in May, the Asian country has become more open to the crypto industry. The politician is a crypto enthusiast who promises to raise the penalty for failing to pay taxes on profits from digital asset investments.

In this regard, the ability of large local companies to launch their own exchanges can represent a significant step forward for South Korea’s goal of becoming a cryptocurrency hub on the Asian continent.