Large companies in South Korea have announced their readiness to invest in the crypto industry

Seven large financial companies have submitted an application for the creation of a virtual asset exchange for preliminary approval by South Korean regulators.

Securities tokens and NFTs subject to capital market laws have been included by regulators within the scope of securities companies. The companies felt that in the future it would make sense to trade using an alternative trading system (ATS). The platform allows you to search for counterparties – instead of trading large blocks of shares on national stock exchanges.

Companies have begun hiring R&D specialists across a wide range of digital assets, including non-fungible tokens (NFTs).

The entry of traditional financial companies into the crypto asset market became possible after the new presidential administration announced state support and adaptation of national business to the conditions of the digital industry. The Financial Services Commission (FSC) has declared its readiness to promote the adoption of the “Virtual Currency (Cryptocurrency) Business Rights Act”. FSC plans to revise existing laws, as well as develop a new law on the structure of digital assets, which will allow them to be managed within the framework of state regulation.

Recently, the Ministry of Strategy and Finance of South Korea announced plans to introduce a new tax on crypto assets received during the free distribution of tokens. The agency said the airdrop is subject to inheritance and gift tax laws. A tax in the amount of 10% to 50% of the cost will be levied on the person to whom the crypto asset is transferred free of charge.