Samsung to launch its cryptocurrency exchange next year, thanks to the liberalizing od the crypto regulations in South Korea
Samsung is set its foot in digital asset industry
According to the recent development of the reports, it is noted that, the South Korean Giant, Samsung, has been actively working in formulating a launch plan into cryptocurrency and will devise a cryptocurrency platform in 2023. The project is currently under progress in the hands of teams from the Samsung Securities Division. It is being heard that the company after launching its cryptocurrency exchange will move forward to devise its own native cryptocurrency.
But why did Samsung’s plan to launch cryptocurrency platform pace up recently? It was noted that Samsung was keenly interested launch its crypto venture early but was stopped by the laws governing crypto. In 2019, the company had actually launched it crypto wallet, which was available only on its high end models. The plan is now paced up due to liberalized policies from the current government.
Liberalization of crypto laws in South Korea
Credits: Business Insider Trading
Securities firms’ involvement into the asset exchange market is consistent with government deregulation under Yoon Seok-yeol. The Financial Investment Association and the securities sector have repeatedly asked for the “Virtual Currency (Cryptocurrency) Business Rights Act,” and the Financial Services Commission intends to support its passage.
The boom of cryptocurrency exchanges if the act goes official
Once the Virtual Currency Business Rights act becomes official, all the companies that are waiting to venture into cryptocurrency industry will start venturing into it. As a result, it is expected that there will be a boom in cryptocurrency exchanges in South Korea.
The positive impact on the cryptocurrency market
The liberalization of the crypto regulations in South Korea, is surely going to have a positive impact on the entire cryptocurrency market. The investors from South Korea will take part in investing in cryptocurrencies with more interest. A viable range of options will also help the investors have a broader option to chose between the exchanges, which will directly infuse more fund into the market.
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