7 Big Korean Securities Firms Want To Set Up A Virtual Asset Exchange

Seven of the largest securities firms in South Korea have begun procedures to allow them to open digital currency exchanges in the first half of next year. However, only Mirae Asset Securities and Samsung Securities are the only two of the seven companies named in the preliminary approval notice.

Local newspaper NewsPim reports that, despite Terra’s demise and new tax regulations applying gifts to crypto airdrops, ranging from 10%-50%, large expansion companies in the country has begun the licensing process with financial authorities and will conclude in the second half of this year.

However, in the preliminary approval notice, only two companies Mirae Asset Securities and Samsung Securities out of the seven companies named in the preliminary approval notice.

With $648 billion in assets under management, Mirae is the largest investment bank by market cap in South Korea. It is preparing a virtual asset business by establishing a subsidiary under Mirae Asset Consulting, an affiliated company, to operate the exchange.

To this end, the company said it was hiring research and development personnel for various digital assets including Bitcoin, Ethereum, and non-fungible tokens (NFTs). Additionally, Mirae said it was seeking to onboard technical staff for research and development related to Bitcoin and other blockchain-based platforms.

Meanwhile, Samsung Securities is conducting studies on how best to enter the blockchain-based security token business and cryptocurrency exchanges. Last year, Samsung attempted to source enough manpower to launch the development and operation of a security token trading platform with the development of blockchain smart contracts but was ultimately unable to find employment.

Earlier this week, the South Korean government imposed a gift tax on crypto airdrops, ranging from 10% to 50%. The Ministry of Strategy and Finance said on August 22 that the taxation would be considered on a case-by-case basis.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News