South Korean tech giant Samsung plans to launch its own cryptocurrency exchange by 2023. However, at the moment, at least seven other large companies in the country are trying to obtain permission from local regulators to create cryptocurrency exchanges. Among them is Mirae Asset Securities.
According to NewsPim, the companies in question could receive approval as early as the end of 2022. Mirae Asset and Samsung want to go further and open not only an exchange but also a separate marketplace for placing and selling NFTs.
Last year, Samsung already tried to launch a crypto exchange, but the idea failed as the company was unable to recruit a team.
Samsung is reportedly doing market research to decide how to enter the blockchain market through security tokens.
South Korea has taken a tough stance on the operation of cryptocurrency exchanges. At the moment, Upbit, Bithumb, Coinone, and Korbit are officially operating in the country. This month, regulators blocked 16 large local and foreign exchanges that operated in the country. This number includes MEXC, KuCoin, CoinW, CoinEX, ZB.com, Bitglobal, Bitrue, Poloniex, BTCEX, Phemex, XT.com, Pionex, BTCC, DigiFinex, AAX, and ZoomEX.