In a significant development for the South Korean cryptocurrency market, OKX Ventures and Korea Investment & Securities (KIS) are set to acquire a 19.6% stake in the local exchange Coinone for $106 million. This investment, pending regulatory approval, will position both firms as the third-largest shareholders in Coinone, following CEO Myung-Hun Cha and Com2uS Holdings.
The transaction involves both newly issued shares and secondary purchases from current stakeholders, ensuring that Cha maintains his role as the major shareholder with management control. The deal marks a strategic move for OKX Ventures into one of Asia's most regulated crypto environments, where compliance and licensing are paramount.
Additionally, this partnership aligns with KIS's ambitions to collaborate with Coinone on initiatives related to security tokens and stablecoins, as South Korea continues to enhance its regulatory framework for digital assets. Following the implementation of the Virtual Asset User Protection Act in 2024, the regulatory landscape has become increasingly stringent for local exchanges, including Coinone.