Samsung Reportedly Launching Crypto Exchange in South Korea

South Korean tech giant Samsung is considering to launch a cryptocurrency trading platform in collaboration with several large securities firms.

Korean media Newspim reported that Samsung’s investment arm, Samsung Securities is studying how it can effectively move into the cryptocurrency exchange industry.

The report said that for a year now, Samsung Securities had already been looking to hire for key roles needed to operate a crypto platform and the development of smart contracts.

In addition, Samsung Securities is now seeking the approval of financial authorities in South Korea to secure the virtual assets exchange can be operational as early as H1 of 2023. Together with six other securities firms in the country, Samsung has reportedly filed for a license.

A representative from one of the securities firms confirmed that discussions are already in end-stages and that more information will follow in the next months”

“Concrete details may be made after the government announces in the fourth quarter of this year the contents of virtual asset-related legal provisions and deregulation.”