Korea Investment Reviews Coinone Stake Amid 20% Ownership Cap Plan
Korea Investment & Securities Reviews Potential Coinone Stake – Proposed 20% Ownership Cap Could Reshape Exchange Control in South Korea
Key Takeaways
- Korea Investment & Securities is reviewing a potential investment in crypto exchange Coinone, according to Korean media reports.
- No transaction has been finalized, and Coinone stated that no specific deal has been decided.
- South Korea is considering a 20% ownership cap for major shareholders in domestic crypto exchanges.
- Coinone Chairman Cha Myung-hoon reportedly holds about 53.44% of the exchange.
- Exchanges would have three years to adjust ownership structures if the proposed law is enacted.
Korea Investment & Securities Engages in Review of Coinone Stake
South Korean brokerage Korea Investment & Securities (KIS) is assessing the possibility of acquiring a stake in crypto exchange Coinone, according to local media reports and company comments. The Korea Herald, citing people familiar with the matter, reported that KIS has begun discussions with regulators and politicians as part of a broader process connected to a potential investment.
Coinone confirmed that no specific transaction has been agreed upon. At this stage, the review process does not constitute a finalized deal.
KIS is one of South Korea’s major brokerages. The company recorded a net profit of more than 2 trillion won, approximately 1.3 billion US dollars, in 2025, according to Hankyung. This financial position places KIS in a position to consider strategic investments, including in the digital asset sector.
Proposed 20% Ownership Cap Could Require Structural Changes
The reported talks take place against the backdrop of a proposed regulatory change that could significantly alter ownership structures of domestic crypto exchanges.
On March 4, the South Korean government and the ruling party agreed on a plan to cap the ownership stake of major shareholders in local crypto exchanges at 20%. The Democratic Party of Korea’s digital asset task force and the Financial Services Commission agreed on the proposed maximum shareholding limit after discussions, according to Herald Economy.
If enacted, exchanges would be given three years from the law’s enforcement date to comply with the new ownership rules. This adjustment period would allow companies to restructure their shareholder composition in line with the cap.
For Coinone, the proposed measure could have direct consequences. Chairman Cha Myung-hoon reportedly controls approximately 53.44% of the exchange. A 20% cap would require a substantial reduction of his stake if the legislation comes into force. According to the Korea Herald, he could retain management control even if part of his shareholding is sold.
For users of crypto trading platforms and related services, changes in ownership can affect governance structures, strategic direction, and compliance frameworks. While no immediate operational changes have been announced, the regulatory proposal introduces a defined timeline for potential restructuring.
Broader Consolidation Moves in South Korea’s Crypto Sector
The reported review by KIS follows other high profile corporate moves in South Korea’s crypto market.
In February, Mirae Asset Group, a rival to KIS, agreed to acquire a controlling stake in crypto exchange Korbit, according to a filing referenced in the report. This indicates increasing involvement by established financial institutions in domestic digital asset platforms.
Separately, in late 2025, Naver Financial disclosed plans for an approximately 10.3 billion US dollar all stock deal to acquire Dunamu, the operator of Upbit. However, on March 30, Naver Financial delayed its planned share swap with Dunamu. The delay occurred as regulatory reviews continued and trading volumes declined.
These developments show that ownership structures of major South Korean exchanges are already under review or transition, even before any formal implementation of the proposed 20% cap.
Regulatory Context and Timeline for Exchanges
The agreement between the ruling party and the Financial Services Commission marks a formal step toward limiting concentrated ownership in crypto exchanges. While the proposal still requires legislative progress before becoming law, the three year adjustment window provides a defined compliance framework if enacted.
For exchanges where founders or key individuals hold large controlling stakes, the cap could necessitate partial divestments or the introduction of new strategic investors. For financial institutions such as KIS, this environment may create opportunities to enter the market through minority or significant but non controlling stakes aligned with the proposed limit.
At this stage, no official announcement has been made regarding a completed transaction between KIS and Coinone. The discussions reported remain part of an ongoing review process.
Our Assessment
Korea Investment & Securities is reviewing a potential stake in Coinone while South Korea considers a regulatory cap limiting major shareholders in crypto exchanges to 20%. Coinone’s current ownership structure, with Chairman Cha Myung-hoon holding approximately 53.44%, would require adjustment if the proposal becomes law. The situation forms part of a broader phase of restructuring and consolidation within South Korea’s crypto exchange market, where established financial institutions are increasingly evaluating or executing investments in digital asset platforms.
