Samsung Securities, Mirae Asset Securities and Shinhan Financial Investment are reportedly the financial giants holding discussions with the authority to form a new crypto asset exchange.

Specifically, Samsung Securities is one of the seven major South Korean securities firms that subitted the application for government greenlight regarding the formation of a virtual assets exchange. 

The establishments reportedly work towards a goal of creating a corporation to open an exchange within the first six months of 2023. An anonymous executive claiming that talks have been ongoing for the initiative, moving to finalization stage.

Per local sources, Samsung Securities had been investing resources to explore approaches to build and function a securities token trading platform, but had not been successful in onboarding the required personnel to proceed in 2o21. 

Mirae Asset Consulting, an affiliate of Mirae Asset Securities, South Korea’s most major investment banking and stock brokerage by market cap, is looking for personnel for cryptocurrency and nonfungible token (NFT) research and development also.

The report further talked about NH Investment & Securities, KB Securities and Shinhan Financial Investment. KB Bank disclosed in early 2022 its effort for gearing towards the preparation of introducing South Korea’s first crypto investment products for retail investors.

The creation of a supposed virtual assets exchange may be supported by regulatory liberalization fueled by the authority of Yoon Seok-yeol, who took office in March. 

The securities firms’ efforts to form the exchange are in line with preparations to pass the Digital Assets Framework Act, which will come with both security-type tokens and non-security-type tokens, and establish which domestic virtual assets belong in which category, the report said. The country’s Financial Services Commission had come under criticism in the past for its regulation of cryptocurrency exchanges.