Why Mirae, Korea Investment are chasing crypto exchanges

Korean securities firms are increasingly turning to acquisitions and stake investments in cryptocurrency operators, with tokenized securities legislation still in limbo.

Recent moves highlight the shift. Korea Investment & Securities is reportedly reviewing a potential acquisition of Coinone, the country’s third-largest exchange by trading volume. In February, Mirae Asset Securities raised its stake in Korbit to 92 percent, securing management control and a board seat.

The pivot reflects a broader recalibration across brokerages. With security token offering, or STO, initiatives effectively on hold, firms are focusing on crypto-related businesses that can be pursued under the current regulatory framework.

“STO-related teams are in a holding pattern as legislation has yet to pass,” an industry official said. “Firms are instead accelerating efforts in crypto.”

Brokerages are also observing global platforms such as Robinhood, which integrates stock and crypto trading into a single interface — a model increasingly seen as the direction of travel.

Still, regulation remains the key variable. Earlier optimism around STO legislation has faded after repeated delays, raising concerns that broader digital asset rules could face a similar trajectory.

Despite the uncertainty, firms are pressing ahead with acquisitions and stake investments to avoid falling behind global competitors.

“This time, firms are not willing to stay on the sidelines,” another official said. “There is a sense they need to act first and adapt later.”

The urgency is reinforced by the rapid expansion of offshore platforms. Global exchanges such as Binance are estimated to generate trillions of won in revenue from Korean users, largely outside domestic taxation.

“With global standards being set, local firms risk falling behind if they do not act,” the official added.

Industry sources say the eventual passage of a digital asset law could mark a structural shift, easing Korea’s long-standing separation between finance and commerce. That would allow brokerages to expand into areas previously restricted, including operating digital asset exchanges alongside traditional securities platforms — mirroring integrated models overseas.

The law is now expected to take effect next year, amid continued delays in negotiations between the National Assembly and regulators.

As growth in traditional brokerage businesses slows, firms are increasingly seeking new revenue streams in digital assets.

At the same time, existing crypto players are moving in the opposite direction. Major exchanges such as Bithumb and Dunamu — operators of the country’s top two platforms — have long sought new strategic investors.

Following last year’s proposed merger between Naver and Dunamu, which remains pending regulatory approval, further ownership changes are expected.

Bithumb’s major shareholder is also seeking a buyer, raising the prospect of a shift in control.