South Korea and Crypto: Samsung plans to make its own crypto exchange
Gemini Trust Co.’s integration with Samsung has been incredibly successful among consumers. It controls about 18% of the global market. It has generated significant interest among cryptocurrency owners. Winklevoss-run Gemini has worked with Samsung. They had launched a public blockchain wallet with them. Samsung has been experimenting with Bitcoin for a while now. Its partnership with Gemini had not only provided the US and Canadian cryptocurrency users the added benefits. No need to log into the Gemini app in order to access their wallets. Additionally, it has also bolstered the cryptocurrency community.
Users of the cryptocurrency exchange Gemini can monitor their account balance on Gemini and transfer bitcoins and other cryptocurrencies to high-security wallets. Since people previously avoided using cryptocurrencies due to the complicated process, this might be taken as a sign of their widespread adoption.
According to reports, Samsung Securities has consolidated its business and intends to launch computerized resource exchanges in the first half of 2023. In the past several years, domestic banking regulators have been particularly strict with crypto-related issues. More than 60 trading venues stopped operating last year as a result of the Financial Intelligence Unit’s (FIU) authorized obligatory criteria.
The financial arm of the IT behemoth, Samsung Securities, is considering setting up its own cryptocurrency exchange in 2019. Samsung is not the only significant business in South Korea that intends to make new forays into the crypto world, according to local media. In addition to Mirae Asset Securities, six other significant companies with stock on the market also intend to launch a cryptocurrency trading platform in 2023. According to reports, these organizations, which deal directly with securities, are collaborating with South Korean financial institutions to gain a license to carry out an exchange’s duties. According to reports, discussions are already at their conclusion.
Asian Crypto Market and Samsung’s future in it
Due to their propensity for seizing opportunities, South Korea and China are interesting markets. They acquire vast quantities of goods at deeply discounted prices. People that have a lot of FUD, on the other hand, leave the market at loss. As you can see, Bitcoin is already in a correction since it reached approximately $20,000 last year and is currently hovering near the 50% level of its ATH. There are several speculations right now that it might even drop below the 8k level. But consider also the possibility of the opposite occurring. Then, you might even be able to see it exceeding its ATH.
Numerous exchanges shut their doors last year after failing to follow the rules guidelines. The four biggest South Korean cryptocurrency exchanges, Upbit, Bithumb, Coinone, and Korbit, have all managed to get their licenses despite this. Furthermore, since the Terra ecosystem collapsed, the government has increased its regulation of exchanges.
The country’s new president has a passion for cryptocurrencies. He pledges to raise the threshold for not paying taxes on gains from investments in digital assets. In this regard, South Korea’s ability to become an Asian bitcoin powerhouse might greatly benefit from significant local corporations being able to open their own exchanges.
