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Saturday, February 4, 2023

Samsung To Consider BTC Service In Hong Kong

In a move that signals the South Korean government’s openness to cryptocurrencies, Samsung Ventures, an investment arm of technology giant Samsung Electronics, is considering investing in Bitcoin ETFs. The news comes just days after the company announced it would develop its own blockchain platform and cryptocurrency wallet.

  • Samsung’s investment arm, Samsung Ventures, is considering investing in a new Bitcoin ETF proposed by Hong Kong-based crypto trading platform OSL.
  • OSL is a subsidiary of Samsung Securities and it has filed a proposal with the Hong Kong Securities and Futures Commission (SFC) to launch what would be the first Bitcoin Exchange Traded Fund (ETF) in Hong Kong.
  • The news comes just days after Cboe Global Markets, Inc., one of the world’s largest derivatives exchanges and marketplaces for institutional investors, launched its own Bitcoin futures product.

    The Korea Securities Depository (KSD), the South Korean stock market’s central securities depository, is listing and transferring securities for digital assets. The KSD is a subsidiary of the Korea Exchange, which operates the main bourse in South Korea.

    Samsung Desires BTC Services In Hong Kong

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    This move makes it easy for investors to invest in cryptocurrencies directly from their banks or invest in tokens issued by startups that have received approval from financial regulators. The KSD will also be working with the Korean Blockchain Association to develop standards for digital assets.

    • KSD is a securities depository that issues and transfers digital assets, including Bitcoin.
    • Samsung Ventures is considering investing in a new Bitcoin ETF proposed by Hong Kong-based crypto trading platform OSL.

      The move marks an important milestone for cryptocurrency trading in South Korea and could have a considerable impact on the price of Bitcoin.

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