Samsung might be stepping up its cryptocurrency efforts. According to reports, the business would introduce a cryptocurrency exchange platform under its Samsung Securities subsidiary in 2019. For Galaxy customers to safely keep their virtual assets, it already provides a Blockchain wallet.

The Korean media claims that President Yoon Suk-support yeol’s of cryptocurrencies is what spurred Samsung’s most recent foray into the cryptocurrency industry. The newly-elected South Korean president is enticing domestic businesses and investors to put more money into digital currencies and other intangible assets. Even the minimum taxable revenue from digital trading has been raised by him, providing small investors greater leeway for expansion.

Numerous domestic digital trading platforms shut down last year; this may possibly have something to do with President Yoon’s drive into this industry. In September 2021, South Korea’s Financial Intelligence Unit (FIU) began enforcing new cryptocurrency restrictions at the direction of former President Moon Jae-in. More than 60 businesses had to close their doors in order to comply with the increased standards. A number of foreign cryptocurrency exchange platforms that were operating illegally in the nation were also targeted by the FIU.

Advertisement This left a large gap in South Korea’s cryptocurrency market. And Samsung isn’t the only local business attempting to seize this chance. According to reports, up to seven securities firms have requested initial clearance to launch cryptocurrency trading platforms. One of them is Mirae Asset Securities, the biggest investment banking and stock brokerage firm in South Korea based on market capitalization. In the first half of 2019, each of these companies plans to release their separate platforms.

These businesses intend to support all significant cryptocurrency exchanges, such as those for Bitcoin (BTC) and Ethereum (ETH). Additionally, many of them are drawn to non-fungible tokens (NFTs).

Samsung has demonstrated a lot of interest in the cryptocurrency market. Samsung has long shown an interest in the cryptocurrency sector. It already has a built-in blockchain wallet on its flagship phones, as was previously stated. Early in 2019, the business unveiled the wallet alongside the Galaxy S10 line. It is also rumored that the company is creating its own cryptocurrency.

Advertisement One of the top South Korean investment firms, Samsung Securities, reportedly tried to put up a team for its cryptocurrency initiatives last year but was unable to locate the right people. However, it now appears to have the necessary resources and is preparing to retry. Whether the business succeeds in creating a cryptocurrency exchange platform early next year is still up in the air.

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