Korea Investment & Securities Reviews Acquisition of a Stake in Coinone

Korea Investment & Securities is reported to be reviewing the acquisition of a stake in Coinone, a South Korean virtual-asset exchange.

According to Herald Economy on the 2nd, Korea Investment & Securities has recently begun work to review the purchase of a stake in Coinone. A Korea Investment & Securities official said, "We are broadly reviewing businesses related to virtual assets," adding that "(the acquisition of a stake in Coinone) is in the initial review stage."

The backdrop to Korea Investment & Securities moving to review a stake acquisition in Coinone is understood to be rival Mirae Asset Group’s acquisition of Korbit. In February, Mirae Asset Group disclosed that it would acquire about 92% of Korbit’s stake through its non-financial affiliate Mirae Asset Consulting. Mirae Asset Consulting has also recently joined Korbit’s board.

The industry says that if Korea Investment & Securities pursues the acquisition of a stake in Coinone, part of the roughly 53.4% stake held by Coinone CEO Cha Myung-hoon could become subject to sale. This is because financial authorities are pushing a plan to cap the stake of controlling shareholders in domestic virtual-asset exchanges at 20%.

In connection with this, Coinone said, "We are in a situation where we are reviewing collaboration with various business operators," adding that "(Korea Investment & Securities’ stake acquisition) has not been specifically decided."