Electronic device giant, Samsung has revealed plans to launch a cryptocurrency exchange in 2023. Samsung Securities along with six other brokers have filed applications to launch cryptocurrency exchanges in South Korea in 2023.
According to reports, Samsung Securities, the financial arm of the Samsung Group, and Mirae Asset Securities as two of the firms seeking preliminary approval to operate exchanges within the first half of 2023.
The technology giant is studying on how best to enter the Bitcoin and cryptocurrency ecosystem. It attempted to spearhead the development of a crypto trading platform last year but unfortunately failed to acquire the necessary staff to do so.
The report also says that Samsung Securities is looking into the best way to provide South Koreas customers with cryptocurrencies, NFTs, and possibly tokenized securities.
The news report claims that regulations in the country could be changing following the election of Yun Suk-Yeol as President.
Meanwhile, South Korea is seemingly relaxing restrictions on digital assets, the authorities have targeted several crypto exchanges over wrongdoing. Last week, the government acted against sixteen unregistered exchanges operating in the country.