Seven of South Korea’s largest domestic securities firms are currently in the process of applying for permission to run cryptocurrency exchanges.
In the report, the names of two organizations are provided: Mirae Asset Securities and Samsung Securities.
Following Yoon Suk-victory Yeol’s in the election for the position of local president, there has been an upsurge in consumption within the institutional digital asset ecosystem in South Korea.
According to a story from a local publication called NewsPim, seven of the largest domestic securities businesses in South Korea have applied to build exchanges for bitcoin and other cryptocurrencies.
In the study, references are made to only two of the firms: Samsung Securities and Mirae Asset Securities. However, each of the seven businesses has put in an application for the preliminary approval necessary to run an exchange by the beginning of the second decade of 2023.
With a total of $648 billion in managed assets, Mirae is South Korea’s largest investment bank based on its market capitalization. The stock brokerage firm intends to run the market with the help of a new subsidiary that will be a part of its consulting division called Mirae Consulting.
According to the source, Mirae is also looking to hire technical professionals in order to generate knowledge and development on blockchain-based technologies such as bitcoin and other distributed ledger systems.
In a similar vein, Samsung is also doing research to see how it might most successfully penetrate the ecosystem of bitcoin and cryptocurrencies. According to the report, the financial services firm endeavored to play a leading role in the development of a trading platform for cryptocurrencies in 2018, but was unable to successfully recruit the qualified personnel required to do so.
According to reports, the recent election of Yoon Suk-Yeol as President of South Korea was a major factor in the unexpected uptick in institutional interest in the country. Deregulation of the bitcoin and cryptocurrency industries was one of the campaign pledges made by the current President of South Korea while he was on the campaign trail.
At that time, Suk-Yeol was quoted as saying, “We need to change to a negative regulation structure to assure that at the very least the virtual asset market has no issues.”
In point of fact, the Financial Services Commission of this nation intends to take action regarding regulatory adaptation by supporting a regulatory framework that is intended for businesses of this nature. According to the report, the North Korean Financial Investment Association has reportedly made repeated requests for the framework.
In addition, the Financial Stability Commission (FSC) is rumored to be planning to alter the current regulations pertaining to cryptocurrencies and securities in order to differentiate between security tokens and non-security tokens.