In what may come as a surprise, the telecoms and mobile manufacturing behemoth has already invested heavily in the cryptocurrency market, decentralization, and blockchain technology through numerous fundraising rounds. It has invested in a number of different companies and recently shown an enthusiasm for crypto trading and other similar activities. Indications are that the mobile industry leader is beginning to show interest in the cryptocurrency business. Samsung may also be forced to make an investment or introduce its own private cryptocurrency exchanges in the coming year.
The South Korean behemoth has gone so far as to enable its own securities company, and in 2023, it will join the drive to launch its own private crypto exchanges in partnership with Mirae Asset securities.
When it comes to issuing securities and other crypto-oriented services in South Korea, availability of space has been severely limited. It has been reported that as a result of South Korea’s financial intelligence unit’s severe stance on these matters, over sixty separate trading firms have cut their operations in the country in half.
Regulation Oversight in South Korea
These are well-established businesses getting into the action, so it’s not like it sprang out of nowhere. Maybe they’re a little late, but at least it’s not never. It’s possible that they have everything planned out and ready to go before starting the process or running the exchanges.
They have invested heavily in the cryptocurrency industry and are now exploring the legal and regulatory landscape of the country to ensure they are completely prepared to embark on this path.
There is talk that authorities in this country are requiring licenses from everyone who wishes to enter the crypto realm or begin their own private activities of any kind. An official statement claims that the steps to be taken in response to this scenario are currently being deliberated over in detail, and that once they are finalized, the entire process may be mobilized.