As the news report indicates, Samsung plans to launch its own cryptocurrency exchange despite the beginning of crypto winter.
One of the seven companies applying for preliminary approval to form a South Korean crypto exchange is Samsung Securities, a subsidiary of Samsung Futures Inc.
After attempting to launch a crypto trading platform in 2021 but failed to attract the necessary talent, Samsung is currently studying how to enter the cryptocurrency exchange market.
Mirae Asset Securities is the other identified company, which is the largest investment by market cap in South Korea with $648 billion in assets under management.
Mirae plans to set up a subsidiary under its Mirae Consulting arm to operate the exchange, according to the report. Also, the company wants to hire technical staff to work on Bitcoin and other blockchain-based platforms, including non-fungible tokens (NFTs).
The exchanges will launch in 2023 once they are fully approved.
In the wake of the election of Yoon Suk-Yeol as South Korean president, institutional interest in the country has increased. Bitcoin and cryptocurrency markets were promised deregulation by the new president during his campaign.
Suk-Yeol stated that “we need to move to a negative regulatory regime to ensure that at least the virtual asset market has no worries”.
According to the report, it is noted to achieve these goals, South Korea’s Financial Services Commission (FSC) plans to “revise the relevant laws and advance the Digital Assets Framework Act so that they can be managed within a regulated framework consistent with securities Token is divided and non-security tokens.” The authority will also “check whether domestic virtual assets are securities”.
Earlier this week, the South Korean Ministry of Strategy and Finance announced that the Inheritance and Transfer Tax Act would impose taxes on cryptocurrency airdrops, staking incentives, and hard-forked assets.
This news surprised many, given that the government had previously delayed crypto gains tax until 2025.
Taxpayers receiving gifts must declare them within three months of the end of the month in which they received them. Tax rates range from 10 to 50%, depending on individual circumstances.