Seoul's Financial-Crypto Divide Crumbles as Securities Firm Enters Crypto Market

The 'financial-crypto separation' barrier in South Korea has been broken. Korea Investment & Securities, a major securities firm, has acquired a 20% direct stake in Coinone, one of the country's top cryptocurrency exchanges. This move marks a significant turning point for financial companies entering the cryptocurrency market.

The acquisition was approved by the Financial Services Commission's Financial Intelligence Unit (FIU) on April 24th. As part of the deal, OKX Ventures also secured a 20% minus one share stake in Coinone. This is the first time a financial company has directly held more than a 10% stake in a cryptocurrency exchange.

Mirae Asset Consulting, an affiliate of Mirae Asset Group, has also finalized its acquisition of Korbit shares, securing 97.15% ownership. While this acquisition was made through a non-financial affiliate, it represents another significant development in the blurring boundary between finance and crypto assets.