In order to set up a virtual asset (crypto asset) exchange in the first half of next year, Mirae Asset Securities, NH, KB, and Shinhan Investment Securities have all begun to submit preliminary licenses and applications for the establishment of legal entities to the financial authorities. The person in charge of a securities company said:” At present, the discussions required for the establishment have been concluded internally.”
In the fourth quarter of this year, the government announced the relaxation of legal provisions and restrictions on virtual assets before it could formulate specific content. Mirae Asset Securities is preparing to launch a virtual asset business by setting up a subsidiary under its affiliate, Mirae Asset Consulting.
To this end, the securities company is recruiting R&D personnel for digital asset institutional services such as Bitcoin, Ethereum, and NFT. Mirae Asset Securities does not directly advance the virtual asset business, but is in step with the group by participating in a special Task Force (TF) under the Mirae Asset Group. Samsung Securities is also researching how to enter the blockchain-based security token business.
According to the report, the entry of securities companies into the virtual asset trading business is in line with the relaxation of cryptocurrency regulations by the Yin Xiyue government. The country’s Financial Services Commission plans to push for a cryptocurrency business bill of rights.
The FSC plans to revise relevant laws and advance the Digital Assets Framework Act to manage within a regulated framework that is divided into security tokens and non-security tokens, and said it will review whether virtual assets in the country are securities.