Samsung Securities, other South Korean firms to explore crypto opportunities

South Korean major financial service and investment firms are preparing to enter the crypto industry following the election of a new president.

A report from a local news outlet claimed during the week that regulations in the South-East Asian country could be about to change with the emergence of a conservative Seok-Yeol as the new president.

Seok-Yeol, who contested the election on the platform of South Korea’s People Power Party, ran a campaign that promised more economic stability for all social classes, a shift in the diplomatic relations with China, and the implementation of pro-crypto and Bitcoin policies.

In other words, domestic securities firms in South Korea have begun the process of obtaining a license from the country’s regulator to launch crypto exchange platforms.

These companies are expected to receive their licenses at some point this year.

The report claimed that at least seven major securities firms are pursuing preliminary approval from South Korea’s regulator.

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It cited an official from one of the firms who confirmed that “necessary discussions are being finalized.”

One of the firms looking to join the crypto market is Samsung Securities, the financial arm of the Samsung Group, the parent company of the tech giant.

The firm is currently exploring an entry into the crypto industry with a security token business on a trading platform.

The report shared few details on the potential upcoming offering or the platforms, but Samsung Securities might be looking to provide South Korean customers with cryptocurrencies, non-fungible tokens (NFTs), and possibly tokenized securities.

In 2021, the firm tried to build a team of experienced individuals in the blockchain industry, the development of smart contracts, and crypto exchange platforms.

But the move was ultimately unsuccessful.

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