Kiwoom Securities pursues Bithumb stake as Korean brokerages race into crypto
In brief
- Kiwoom Securities discussing third-party share allotment with Bithumb to acquire stake
- FSC prepares July regulatory reforms including tokenized securities framework
- Korean brokerages invested billions in crypto exchanges ahead of regulatory changes
Regulatory catalyst driving the rush
South Korea's Financial Services Commission prepares to announce new regulatory reforms in July, including a framework for tokenized securities. The country plans to bring tokenized securities under its capital markets framework from 2027. The amended Capital Markets Act and Electronic Securities Act represent the country's first tokenized securities framework, scheduled to take full effect on February 4, 2027.
These regulatory developments have accelerated investment activity among established financial institutions seeking to position themselves before the new rules take effect.
A wave of strategic stakes
The Kiwoom-Bithumb discussions aren't isolated. Korea Investment & Securities and OKX Ventures agreed to invest a combined 160 billion won to buy a 19.6% stake in crypto exchange Coinone on May 29. Samsung's financial subsidiaries moved faster: Samsung Securities, Samsung SDS and Samsung Card acquired a combined 4% stake in Dunamu for 612.8 billion won on May 28, making them investors in Dunamu, the operator of South Korean crypto exchange Upbit.
Earlier in May, Hana Financial Group acquired a 6.55% stake in Dunamu from Kakao Investment for more than $668 million on May 15, making it Upbit operator's fourth-largest shareholder. In February, Mirae Asset Consulting agreed to acquire a 92.06% stake in Korbit for 133.48 billion won, taking control of the majority of the exchange as part of its digital asset push.
Multiple major South Korean financial firms have moved to buy stakes in local crypto exchanges and exchange operators in recent months. The pattern reflects confidence that regulatory clarity will open new revenue streams and competitive advantages in the emerging tokenized securities market.
