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The recent development of conventional firms thinking big in the crypto industry complies with the president’s smoothening down of regulations and mandates.
In a Twitter post on the 22nd of August, Bitcoin Magazine announced a new initiative by Samsung to launch Bitcoin and crypto exchange in South Korea by 2023.
Several cryptocurrency schemes collapsed across the world due to the recent regulatory aggression imposed of late. Particularly, South Korea experienced intense chatter in this regard. Following this failure in the country, many conventional brokerages began planning to launch various crypto exchanges.
In a recent report, it was stated that about seven companies had formally submitted applications looking for primary authorization and establishment of corporations to manage an exchange. These exchanges were believed to premier in the initial six months of 2023, but the report introduced solely two out of seven companies in the spotlight. Samsung Securities, a unit of Samsung Futures Inc, and Mirae Asset Securities were the two enterprises cited in the report. Mirae has introduced its unit called Mirae Consulting, which is employing technical people for several cryptos and Non-Fungible Token (NFT)-related projects.
Samsung Securities have been exploring admission into the blockchain space and security tokens market. Unfortunately, Samsung wasn’t able to discover the employees needed to structure a crypto exchange company.
The President of South Korea, Yoon Suk-Yeol began his tenure in May and had vowed to be exceedingly welcoming towards the crypto space to provide the necessary attention to the up-and-coming crypto projects. Sadly, the downfall of stablecoin TerraUSD had resulted in management becoming stricter towards various crypto exchanges.
The recent development of conventional firms thinking big in the crypto industry complies with Yoon’s smoothening down of regulations and mandates. The leadership of Moon Jae-In, the former president of South Korea on the other hand, had terrible instances of authorities trying to shut down and challenge the growing crypto sector by asking exchanges to indulge in a tedious process of registration.
Recently, the South Korean Ministry of Strategy and Finance revealed its plans that airdrops crypto tokens, staking rewards, and hard-forked assets would be established under the scope of influence of a gift tax. This would also be taxed under the Inheritance and Gift Tax Act. The news came as a shock to several citizens as the administration had initially extended crypto gains tax to 2025.