Securities Firms Break into Korean Crypto Exchanges

Korea's securities firms are breaking into cryptocurrency exchanges, with Mirae Asset Group and Korea Investment & Securities (KIS) acquiring stakes in Korbit and Coinone, respectively. This move marks a significant step towards integrating traditional finance and virtual assets.

The Financial Intelligence Unit under the Financial Services Commission has approved the changes in shareholding for both Korbit and Coinone. Mirae Asset Consulting acquired a 97.15% stake in Korbit through its acquisition of shares, while KIS directly purchased a 20%-1 share stake in Coinone.

This development is seen as part of a global trend where the boundaries between finance and virtual assets are rapidly collapsing. Major exchanges such as Binance and Coinbase are introducing traditional financial products, including stocks and exchange-traded funds (ETFs).

Korbit and Coinone, with their combined customer bases and technological capabilities, may be able to generate synergies that could shake up the competitive structure among the five major won-based exchanges.