Several large securities companies in South Korea plan to file preliminary licenses to establish virtual asset exchanges by 2023, such as Mirae Asset Securities, NH Investment & Securities, KB Securities and Shinhan Financial Investment.
The securities giant is planning the initial authorization requirements and the modus operandi of the corporate establishment. Thus, the company will target the launch of the virtual asset exchange during the government's insistence on clarifying the rules.
In fact, NH, KB and Shinhan Investment have started applying for preliminary licenses with the financial regulator. Further, a discussion about the establishment of a virtual asset exchange was held by an official from a securities firm.
In addition, Mirae Asset Securities plans to establish a virtual asset business at the group level as well as become a subsidiary under Mirae Asset Consulting.
Not only that, the company will hire experts in virtual assets, including digital assets Bitcoin, Ethereum and non-fungible tokens (NFT).
It should be noted that the improvement of South Korea's cryptocurrency regulatory landscape came after the Terra crisis and the laws surrounding the crypto market.
In addition, crypto-friendly President Yoon Suk-yeol has made the South Korean crypto market boom.
As evidence, Yun Seok-yeol's government eased the regulatory burden by suspending crypto taxes and promoting crypto companies.
