Several large securities companies in South Korea plan to file preliminary licenses to establish virtual asset exchange by the first half of 2023. The securities giants include Mirae Asset Securities, NH Investment & Securities, KB Securities, and Shinhan Financial Investment.
The crypto regulatory landscape in South Korea has improved after the Terra crisis and allegations against crypto exchanges. The South Korean crypto market is flourishing under crypto-friendly President Yoon Suk-yeol.
Large Securities Firms Aims to Establish Virtual Asset Exchanges
South Korean securities firms Mirae Asset Securities, NH Investment & Securities, KB Securities, and Shinhan Financial Investment to establish virtual asset exchanges in the first half of next year, reported Newspim on August 22.
The securities giants plan to complete preliminary authorization and corporate establishment processes in the second half of 2022. Thereafter, the companies aim to launch virtual asset exchanges as the government pushes for regulatory clarity.
In fact, NH, KB, and Shinhan Investment have started to apply for preliminary licenses with the financial regulators. Moreover, an official from a securities firm said discussions on the establishment of a virtual asset exchange are being held currently.
