South Korean cryptocurrency exchange Coinone is set to welcome two new major shareholders as OKX Ventures and Korea Investment & Securities (KIS) agreed to invest a combined 160 billion won ($106 million) for a 19.6% stake in the company. The deal, pending regulatory approval, positions these investors as the joint third-largest shareholders behind CEO Myung-Hun Cha and Com2uS Holdings, an existing backer of Coinone.
This transaction involves both the purchase of secondary shares from existing owners and the issuance of new shares. Despite the influx of new investors, CEO Myung-Hun Cha is expected to remain the largest shareholder and retain operational control over Coinone. This strategic move offers OKX Ventures an entry point into South Korea’s strictly regulated cryptocurrency market, where licensing and compliance are essential for operating legitimacy.
The announcement follows earlier speculation that OKX was negotiating with KIS to secure around a 20% stake as part of a broader initiative to expand within South Korea’s licensed crypto environment. While OKX initially declined to comment on the discussions, the recent release confirmed the partnership and underscored a mutual commitment to regulatory adherence and infrastructure reliability.
OKX highlighted that the collaboration reflects its focus on compliant and well-regulated platforms. Meanwhile, Korea Investment & Securities expressed plans to collaborate with Coinone on advancing security token offerings and stablecoin projects, aligning with South Korea’s evolving regulations on tokenized financial instruments.
This development occurs as South Korea intensifies oversight of its cryptocurrency sector. The Virtual Asset User Protection Act, effective since early 2024, imposes stricter anti-money laundering and transaction scrutiny on exchanges including Coinone, Upbit, Bithumb, and Korbit. Regulators are also preparing further legislation to address stablecoins and tokenized securities, indicating a broader effort to foster institutional involvement.
The government’s regulatory framework promotes traditional financial institutions’ entry into digital assets, creating new market dynamics. Recent examples include Mirae Asset Consulting’s acquisition of a majority stake in Korbit and Hana Financial Group’s planned substantial investment in Dunamu, the operator of one of South Korea’s largest exchanges, Upbit.