Samsung mulling crypto exchange launch

Samsung Securities is moving ahead with plans to launch a cryptocurrency exchange of its own.

This is big news as it would mean that one of the biggest tech companies in the world, and a direct competitor to Apple and Tencent, is now actively seeking to expand in the cryptocurrency space.

Samsung Securities is part of a new bidding process whereby several South Korean securities companies confirmed for the the Korean Financial Investment Association that they intended to launch exchanges and related services.

However, nothing is yet confirmed a report by NewsPim said. Rather, Samsung Securities is still exploring the feasibility of the idea.

Besides Samsung, there must be six other companies that are now looking to the sector with hope and caution, but none of these companies have been named by NewsPim.

In the meantime, South Korea’s Financial Services Commission is hard at work looking to establish cryptocurrency regulation that would beget innovation and establish more accessible industry for all.

This comes alongside news that the country is planning to introduce taxation on cryptocurrency airdrops with 50% of these assets scooped up by the tax office.

South Korea is also determined to levy all cryptocurrency transactions exceeding $1,860 with a 20% tax (on realized cryptocurrency gains).

The country has also doubled down its efforts against unregistered cryptocurrency exchanges, determined to keep the industry clear from bad actors in the wake of the Terra USD stablecoin crash.

In the meantime, you can use cryptocurrencies recreationally and play at 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 08/24/2022 — 10:00