Samsung Securities, among others planning to roll out crypto exchanges in South Korea

Sahana Kiran
crypto
Source – Unsplash

The downfall of major cryptocurrency projects caused intense global oversight from regulators. South Korea, in particular, made immense noise regarding the same. From quickly drafting a framework regulating the market to investigating several platforms. Amidst this big crypto takedown, several traditional brokerages in South Korea were reportedly prepping to roll out their exchanges.

According to a recent report, seven firms had sent out applications seeking preliminary approval and establishing corporations to operate a crypto exchange. These exchanges are expected to debut in the first half of 2023, and the report brought only two out of seven firms to light.

Samsung Securities, a subsidiary of Samsung Futures Inc., and Mirae Asset Securities were the two platforms mentioned in the report. Samsung Securities has been researching its entry into the blockchain-based security tokens market. However, the firm failed to find the staff required to formulate a crypto trading firm.

On the other hand, Mirae Asset Securities rolled out a subsidiary under Mirae Asset Consulting, an affiliated company. The firm is reportedly hiring individuals for research and development that oversees crypto and NFTs.

It should be noted that South Korean President Yoon Suk-Yeol had previously affirmed that he would roll out crypto-friendly laws, and Terra did bring about some roadblocks. However, untethered by the project, prominent firms like Samsung and Mirae seem to be veering into the crypto-verse.

South Korea’s latest tax rules do not include crypto gains tax; Here’s what it does

Earlier today, the South Korean Ministry of Strategy and Finance announced that airdrops of crypto assets, staking rewards, and hard-forked assets would fall under the purview of a gift tax. This would be taxed under the Inheritance and Gift Tax Act.

This surprises many as the government had previously pushed crypto gains tax to 2025.

Furthermore, the recipient of the airdrop may be subject to the gift tax. According to the article, the tax would be assessed at a rate of 10% to 50%, and the receiver will be required to file a tax return within three months after the airdrop. An official from the tax sector informed Digital Times that the tax would be considered individually.