A slew of major South Korean securities companies – many of which may be affiliated with major commercial banks and business groups – could be set to launch crypto exchange platforms as early as next year.
Per Newspim, “seven large domestic securities companies” have already applied to financial regulators for “preliminary approval” – and hope to launch “virtual asset exchanges” in the “first half of next year.”
The names of the seven companies were not revealed. But one unnamed official from one of the securities companies was quoted as stating that “currently” the “discussions necessary for the establishment” of an exchange were “being finalized.”
The same news outlet explained that the companies’ “preliminary authorization” processes would likely be complete by the “end of this year” and that the companies also wanted to file their “corporate establishment applications” before 2022 is out.
Some of South Korea’s greatest securities gamers have already expressed their want to enter the crypto house, and should doubtlessly be among the many seven.
One of those corporations could also be Mirae Asset Securities, one of many nation’s greatest securities and insurance coverage gamers. The agency, Newspim famous, had launched its crypto enterprise “at the group level,” and has already earmarked a subsidiary that it desires to move its crypto-related operations.
The agency can also be reportedly hiring “research and development personnel” in a spread of crypto-related fields, “including bitcoin (BTC), ethereum (ETH), and non-fungible tokens (NFTs).”
Meanwhile, one in every of Mirae Asset’s greatest rivals, Samsung Securities, has “conducted a study on how to enter the blockchain-based security token business.”
The media outlet defined that the agency tried to rent specialists to assist it develop and function a chosen safety token buying and selling platform and develop blockchain-based good contracts, however struggled to search out the expertise it was on the lookout for.
The banks Nonghyup and Kookmin, who each have crypto-related enterprise arms and securities-related choices, have been additionally talked about as corporations which may be creating an curiosity in launching crypto exchange-related companies.
Experts argue that the “entry of securities companies into the cryptoasset exchange business” is “in line with” President Yun Seok-yeol’s pro-business method to crypto. The business, specialists agree, is anticipating laws to “ease” in the months forward.
Multiple banks had hoped to maneuver into the crypto house previous to a minor crackdown on the house in early 2018. Following these occasions, nonetheless, most shelved their plans. They could also be tempted to revisit their previous plans, nonetheless, ought to Yoon come good on his guarantees.
Earlier this month, Coinbold.io reported that SK Securities, a part of the multi-billion-dollar SK enterprise group empire, had introduced plans to launch a “digital asset custody business” in conjunction with a regional financial institution.
Also, this month, Hyundai Motor Securities (a Hyundai subsidiary) sealed a cope with the crypto change Bithumb, which can let customers test on the standing of their crypto holdings and entry real-time market value knowledge.
Domestic banks, such because the aforementioned Nonghyup and Kookmin – in addition to their rival Shinhan – have already invested in or explored cryptoasset custody options, whereas the SK affiliate SK Square snapped up a 33.2% stake in the Korbit crypto change in January.
Compiled by Coinbold