With South Korea making legislative changes that will benefit the cryptocurrency industry, Samsung is in the process of creating a cryptocurrency exchange and intends to launch it in the first half of 2023. Such information appeared in local media, which also report that the South Korean giant may develop its own cryptocurrency.
The project is reportedly being handled by Samsung Securities, which is working to create a blockchain-based service. The company has long planned to enter the cryptocurrency market, but this was not facilitated by the policies of the former president of South Korea. Since Yoon Suk-yeol came to power in May this year, things have changed for the better. The leader of the country promised to revise the rules for regulating the cryptocurrency industry, raise the minimum threshold for tax on profits from digital assets, and also began to encourage companies and individuals to invest in cryptocurrency.
Now is the perfect time to launch cryptocurrency exchanges, as in 2021 the administration of the former South Korean president shut down dozens of platforms based on the current law. Samsung can fill this niche, which turned out to be empty after the disappearance of all players. Back in 2019, the company offered a secure crypto wallet for its premium smartphones, and recently a new version of Samsung Wallet was released, betting on security and blockchain. Rumor has it that Samsung is also planning to create its own cryptocurrency, which will be launched in the foreseeable future.
Source: Trash Box