South Korean crypto exchange Coinone said Korea Investment & Securities (KIS) and OKX Ventures agreed to invest a combined 160 billion won ($106 million) for a 19.6% stake in the platform.

The investment, which remains subject to regulatory approval, would make KIS and OKX Ventures joint third-largest shareholders in Coinone behind CEO Myung-Hun Cha and existing backer Com2uS Holdings, according to a release shared with Cointelegraph. 

The transaction combines secondary share purchases from existing holders with newly issued shares, while Cha is expected to remain Coinone’s largest shareholder and retain management control.

The deal would give OKX Ventures exposure to one of Asia’s most tightly regulated crypto markets, where local licenses and compliance records remain critical.

Friday’s announcement confirmed rumors earlier this month that OKX was in talks with KIS to acquire roughly a 20% stake in Coinone as part of a broader push into South Korea’s licensed crypto market, which OKX declined to comment on at the time.

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In the release, OKX said the partnership reflects its focus on “compliant, well-regulated infrastructure,” while KIS said it plans to work with Coinone on security token offerings and stablecoin businesses as South Korea advances rules for tokenized finance.

South Korea’s crypto shake-up

The deal comes as South Korea reshapes its crypto sector through tougher oversight and broader institutional participation. 

Since the Virtual Asset User Protection Act took effect in 2024, exchanges including Upbit, Bithumb, Coinone and Korbit have faced stricter anti-money laundering and transaction monitoring requirements, while regulators prepare a second phase of legislation covering stablecoins and tokenized securities.

South Korea’s Virtual Asset User Protection Act took effect in 2024. Source: Financial Services Commission

Seoul has also moved to gradually open the door to greater institutional and corporate participation in digital assets, creating new opportunities for traditional financial firms to expand into the regulated crypto 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 its 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, operator of Upbit, one of the country’s largest crypto exchanges. 

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