South Korean cryptocurrency exchange Coinone said Korea Investment & Securities (KIS) and OKX Ventures have agreed to invest a total of 160 billion won ($106 million) for a 19.6% stake in the platform.
The investment, which is subject to regulatory approval, would make KIS and OKX Ventures Coinone’s third-largest shareholders, behind CEO Myung-Hun Cha and current backer Com2uS Holdings, according to a statement shared with Cointelegraph.
The deal combines the purchase of secondary shares from existing holders with newly issued shares, with Cha expected to remain Coinone’s largest shareholder and retain management control.
The transaction will give OKX Ventures exposure to one of the most closely regulated cryptocurrency markets in Asia, where local licensing and compliance provisions are crucial.
Friday’s statement confirmed rumors earlier this month that OKX was in talks with KIS to acquire a roughly 20% stake in Coinone as part of a broader push into South Korea’s licensed cryptocurrency market, which OKX declined to comment on at the time.
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In a statement, OKX said the partnership reflects its focus on “regulatory-compliant, well-regulated infrastructure,” while KIS said it plans to collaborate with Coinone on security token offerings and stablecoin businesses as South Korea improves rules around tokenized finance.
Cryptocurrency shocks in South Korea
The deal comes as South Korea transforms its crypto sector through strict supervision and broader institutional participation.
Since the entry into force of the Act on the Protection of Users of Virtual Resources effect in 2024, exchanges including Upbit, Bithumb, Coinone and Korbit will face more stringent anti-money laundering and transaction monitoring requirements as regulators prepare the second phase of legislation for stablecoins and tokenized securities.
The Act on the Protection of Users of Virtual Resources in South Korea will enter into force in 2024. Source: Financial Services Commission
Seoul too moved gradually open the door to greater participation of institutions and enterprises in digital assets, creating recent opportunities for time-honored financial companies to expand into the regulated cryptocurrency sector.
In February, Mirae Asset Consulting agreed to acquire a 92.06% stake in Korbit for 133.48 billion won (about $93 million), effectively taking control of the smaller exchange as part of a broader digital asset strategy.
This month, Hana Financial Group said it plans to invest about 1.003 trillion won ($668 million) to acquire a 6.55% stake in Dunamu, the operator of Upbit, one of the country’s largest cryptocurrency exchanges.
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