Want large-scale adoption of cryptocurrency? Here is. According to reports, it looks like South Korean multinational tech giant Samsung is part of plans to launch a Bitcoin and crypto exchange next year.
A South Korean media report NewsPim August 22 reveals that Samsung Securities, a subsidiary of Samsung Futures Inc, is among seven South Korean companies that intend to open a “virtual asset company” under a combined Korea plan Financial Investment Association.
Mirae Asset Securities, South Korea’s largest investment bank and securities brokerage, is apparently also involved and plans to handle various digital assets including Bitcoin, Ethereum and NFT.
Samsung Securities also reportedly conducted a study to help it decide how to expand into the blockchain/crypto space with security tokens (essentially digital, liquid contracts for fractions of any asset that already has value, e.g. Investopedia). Samsung tried to entice employees to develop a security token platform last year, but didn’t get the traction it needed then.
Focus on the signal.
Samsung plans to launch Bitcoin exchange in Korea
Intel and Samsung make chips for bitcoin miners.
Gazprom and ExxonMobil mine Bitcoin.
Ignore the noise.
— NICO⚡️ (@BITVOLT7) August 22, 2022
The news is significant, given that South Korea has, in the past, been one of the most frantic crypto-trading hotspots on the planet, especially during the ICO boom days.
Over the past few years, however, financial regulators have cracked down heavily on the Korean industry, with the country’s Financial Intelligence Unit halting more than 60 crypto operations. Prior to the stricter measures, trading volumes on major exchanges in South Korea were exceeding those of the country’s stock marketaccording to Cointelegraph.
But, as the NewsPim report suggests, perhaps forward-thinking companies such as Samsung have been spurred into action by the new crypto-friendly government under Yoon Suk-yeol, which took office in May.
Yoon is a known crypto supporter and has used promises of crypto “deregulation” as part of his successful campaign strategy.
He also said he aims to help create “unicorns” tied to blockchain technology in South Korea, and defends plans by the country’s Financial Services Commission to push through a framework law on digital assets that would would foster a more open crypto/Web3 industry.