Mirae Asset Group completed its acquisition of Korbit on the 24th, securing 97.15% ownership for 141.4 billion won, as South Korean securities firms accelerate investments in crypto exchanges ahead of Security Token Offering (STO) legalization in February next year. Korea Investment Securities and global exchange OKX Ventures each invested 80 billion won for approximately 20% stakes in Coinone, while Hanwha Investment Securities increased its Dunamu holdings to 9.84% and Samsung's three affiliates acquired combined stakes totaling 4% in the same platform. The investment surge follows January's passage of amended Electronic Securities Act and Capital Markets Act, which will allow blockchain-based securities ledgers and enable brokerage of investment contract securities starting February next year. Securities firms aim to leverage exchange technology and infrastructure for digital asset services including token securities, stablecoins, and real-world asset tokenization, positioning themselves for the regulated STO market launch.
Mirae Asset Completes 97.15% Korbit Acquisition for 141.4 Billion Won
Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, finalized its remaining stake purchase on the 24th, acquiring 28.495701 million Korbit shares for a total of 141.36717 billion won to become the largest shareholder. The group announced the previous day that Korbit will be rebranded as "Digital X" to build an investment ecosystem spanning traditional finance and digital assets. Park Hyeon-joo, Mirae Asset Group's Global Strategy Officer (GSO), stated in an employee letter that "Digital X will lead this massive wave of change head-on under the name of Mirae Asset 3.0" and outlined plans to establish "a new investment ecosystem where real-world asset (RWA) tokenization, token securities, stablecoins, and traditional and digital assets organically coexist."
Korea Investment Securities and OKX Ventures Secure 20% Coinone Stakes Each
Korea Investment Securities' Coinone investment received regulatory approval on the 22nd when the Financial Services Commission's Financial Intelligence Unit (FIU) accepted the major shareholder change notification. The two companies each invested 80 billion won to acquire approximately 20% stakes, becoming joint third-largest shareholders. Korea Investment Securities plans to combine Coinone's blockchain technology with the securities firm's financial product design and internal control capabilities to pursue digital financial businesses including token securities and stablecoins. In May, the firm sent requests for proposals (RFPs) to major operators to build its own token securities issuance platform covering existing financial products such as bonds and money market funds (MMFs).
Hanwha and Samsung Affiliates Expand Dunamu Investments
Hanwha Investment Securities invested approximately 597.8 billion won in June to acquire an additional 3.90% of Dunamu, raising its total stake from 5.94% to 9.84% and becoming the third-largest shareholder after Dunamu Chairman Song Chi-hyeong and Vice Chairman Kim Hyeong-nyeon. This month, the firm invested approximately 30 billion won in Digital Asset, the operator of Canton Network, a finance-specialized blockchain with participants including Goldman Sachs and the Depository Trust & Clearing Corporation (DTCC). The company is also developing a digital asset platform called DAP, targeting a launch next year to support real asset investments in real estate, intellectual property (IP), and unlisted stocks.
Samsung Securities, Samsung SDS, and Samsung Card decided in May to acquire 1.39 million Dunamu shares held by Kakao affiliates for a total of 612.8 billion won. Ownership stakes are Samsung Securities 2%, Samsung SDS 1%, and Samsung Card 1%. Samsung Securities plans to collaborate with Dunamu on token securities issuance and distribution and virtual asset services, Samsung SDS on blockchain-based financial infrastructure, and Samsung Card on payment services.
Securities Firms Build STO Issuance and Distribution Infrastructure
Major securities firms are constructing token securities issuance infrastructure beyond exchange stake acquisitions. Mirae Asset Securities completed building a token securities mainnet through the Next Finance Initiative (NFI) formed with Hana Financial and SK Telecom. Samsung Securities recently sent requests for proposals to major operators for building its own token securities platform.
Shinhan Investment Securities signed a memorandum of understanding in February with NextTrade and seven major fractional investment companies for fractional investment issuance and distribution business cooperation. NH Investment Securities is preparing its business centered on the STO Vision Group, which includes 12 companies such as Nonghyup Bank and K Bank, while KB Securities is pursuing tokenization of existing financial assets including corporate bonds, funds, and trust beneficiary certificates.
In the distribution market, KDX and NXT consortiums, which received preliminary licenses for fractional investment over-the-counter exchanges in February, are competing. Both consortiums are building trading systems targeting August for full license applications.
Lee Jeong-hwan, professor of economics and finance at Hanyang University, stated that "as the institutional inclusion of token securities becomes visible through amendments to the Electronic Securities Act and Capital Markets Act, securities firms appear to be judging this as a future business and moving to preempt the market," adding that "if multiple securities firms participate in competition, positive effects such as diversification of products and services accessible to investors and increased convenience through lower fees can be expected."
However, Professor Lee emphasized that "token securities are often issued based on assets that are not easy to value, unlike listed large-cap stocks like Samsung Electronics or SK Hynix, so caution is needed in investing." He explained that investors need to sufficiently verify not only the recognition of securities firms and platforms but also the value of underlying assets, profit structures, and tradability.
FAQ
What did Mirae Asset acquire on the 24th?
Mirae Asset Consulting completed acquisition of 97.15% of Korbit for 141.4 billion won on the 24th, purchasing 28.495701 million shares to become the largest shareholder. The group announced Korbit will be rebranded as Digital X.
When will South Korea's STO regulations take effect?
The amended Electronic Securities Act and Capital Markets Act, which passed the National Assembly plenary session in January, will be implemented in February next year, one year after promulgation. The revised laws will allow distributed ledger-based securities account books and permit brokerage of investment contract securities.
How much did Korea Investment Securities and OKX Ventures invest in Coinone?
Korea Investment Securities and OKX Ventures each invested 80 billion won to acquire approximately 20% stakes in Coinone, becoming joint third-largest shareholders. The Financial Services Commission's Financial Intelligence Unit accepted the major shareholder change notification on the 22nd.
