Korea’s Financial Investment Association plans on moving forward in web3 despite fears after the TerraUSD collapse
Along with six major brokerages in South Korea, Samsung Securities is currently planning to start an exchange in 2023. The companies form Korea’s Financial Investment Association and have teamed up for innovative projects on the web3. This year, the association has applied for preliminary approval to establish corporations to run virtual asset exchanges. The information was reported in the Korean newspaper NewsPim this Monday, by an anonymous industry source.
Samsung Securities is one of the largest broker companies in South Korea that offers investment advisory, banking, and capital markets services.
According to the news, the financial arm of the Samsung Group “tried to find the manpower to take charge of the development and operation of the security token trading platform and the development of blockchain smart contracts.”
The newspaper also reveals that they’ve been conducting a study on how to enter the blockchain-based security token business. Mirae Asset Securities, another important member of the association, is currently looking to onboard technical staff for the research and development of blockchain-based platforms.
The group will launch its virtual asset exchange in the first half of next year.
This new exchange formed by powerful financial investment organizations could mean the beginning of a new era of cryptocurrency adoption in Asia.
- Keep an eye on the biggest and most used dapps ranked by daily users, volume, and more: Check out the DappRadar Top Exchanges Ranking.
South Korea’s Digital Assets Committee
As you can see in our updated guide, All You Need to Know About Crypto Regulations Worldwide, the South Korean government has become more strict toward crypto-related investment. Local authorities announced the creation of the Digital Assets Committee in June, to enforce investor protections.
All local digital asset platforms in Korea must comply with anti-money laundering (AML) rules and be duly registered, which shows that the country is already quite advanced in its journey towards mass adoption.
South Korean President Yoon Suk-Yeol had promised to be in favor of the development of the crypto industry in the country, and even if the market is in a bad phase, planning for the coming months continues behind the scenes.
The DappRadar Behavior Report of April 2022 points out that the adoption of digital assets and interest in web3 metaverses has increased in South Korea – a trend that, according to the analyst, has been accelerating the regulatory process for crypto assets.
Track the best decentralized exchanges
While Samsung’s exchange isn’t up and running yet, you’ll do well to keep an eye on how the biggest projects are doing.
Visit the DappRadar Exchanges Rankings to get an updated list of the most used decentralized exchanges out there on multiple blockchains.
Our DeFi Overview will also give you insightful analysis to find total value locked (TVL), number of users, and other key metrics for decentralized finance projects.
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DappRadar will continue to follow Samsung’s journey across the web3 on our blog. The tech giant is one of the major brands stepping into the Metaverse and joining the NFT space.
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