‘7 South Korean Securities Firms Will Launch Crypto Exchanges in 2023’ – Report

cryptonews.com:

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 biggest securities players have already expressed their desire to enter the crypto space, and may potentially be among the seven.

One of these firms may be Mirae Asset Securities, one of the nation’s biggest securities and insurance players. The firm, Newspim noted, had launched its crypto business “at the group level,” and has already earmarked a subsidiary that it wants to head its crypto-related operations.

The firm is also reportedly hiring “research and development personnel” in a range of crypto-related fields, “including bitcoin (BTC), ethereum (ETH), and non-fungible tokens (NFTs).”

Meanwhile, one of Mirae Asset’s biggest rivals, Samsung Securities, has “conducted a study on how to enter the blockchain-based security token business.” 

The media outlet explained that the firm attempted to hire experts to help