Mirae Asset Takes Over Korbit, Korea Investment Buys Into Coinone in Security-Token Race

Hanwha raises Dunamu stake to 9.84%; Samsung affiliates acquire 4%

Brokerages speed up issuance and trading platforms before February law takes effect

South Korea’s securities industry is intensifying its race to secure an early lead in security tokens, or STOs, before the market enters the regulatory mainstream next February. Mirae Asset Group has taken control of Korbit, while Korea Investment & Securities, Samsung Securities and Hanwha Investment & Securities have also invested in major cryptocurrency exchanges. Exchange stakes do not automatically grant authority in the security-token business, but brokerages aim to use related technology and infrastructure in broader digital-asset ventures.

Korbit Begins Anew as Digital X Under Mirae Asset

Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, completed its purchase of the remaining Korbit stake on July 24, raising its ownership to 97.15%, according to the financial investment industry. The company bought 28,495,701 Korbit shares for 141.37 billion won ($102.4 million), becoming the largest shareholder.

A day earlier, Mirae Asset unveiled Korbit’s new name, Digital X, and outlined plans to build an investment ecosystem spanning traditional finance and digital assets.

Park Hyeon-joo, Mirae Asset Group’s global strategy officer, wrote in a letter to employees that Digital X, under the banner of Mirae Asset 3.0, would take the lead in a sweeping wave of change. He added that the company would build a new investment ecosystem centered on tokenization of real-world assets, security tokens, stablecoins, and the integration of traditional and digital assets.

Korea Investment Joins Coinone; Hanwha and Samsung Add to Dunamu Bets

Korea Investment & Securities’ investment in Coinone recently cleared a regulatory hurdle. On July 22, the Financial Intelligence Unit under the Financial Services Commission accepted a filing for a change in Coinone’s largest shareholders involving Korea Investment & Securities and OKX Ventures, the investment arm of global cryptocurrency exchange OKX. The two companies each invested 80 billion won ($58 million) for stakes of about 20%, becoming joint third-largest shareholders.

Korea Investment & Securities plans to combine Coinone’s blockchain technology with its own capabilities in financial product structuring and internal controls to expand into digital-finance businesses including security tokens and stablecoins. In May, it sent requests for proposals to major operators to build its own security-token issuance platform covering conventional financial products such as bonds and money-market funds.

Investment in Dunamu has been concentrated among Hanwha Investment & Securities and Samsung affiliates in finance and information technology. Hanwha Investment & Securities bought an additional 3.90% stake in Dunamu in June for about 597.8 billion won ($433 million). That increased its holding from 5.94% to 9.84%, making it the third-largest shareholder after Dunamu Chairman Song Chi-hyung and Vice Chairman Kim Hyeong-nyeon.

This month, Hanwha also invested about 30 billion won ($21.7 million) in Digital Asset, the operator of the Canton Network, a financial blockchain backed by Goldman Sachs and the Depository Trust & Clearing Corp. It has also made a series of earlier investments in companies tied to digital-asset data, wallets and real-world-asset tokenization. Hanwha is developing a digital-asset platform called DAP for launch next year to support investment in assets including real estate, intellectual property and unlisted shares.

Samsung Securities, Samsung SDS and Samsung Card also decided in May to buy 1.39 million Dunamu shares held by a Kakao affiliate for a combined 612.8 billion won ($444.1 million). The deal would give Samsung Securities a 2% stake, while Samsung SDS and Samsung Card would each hold 1%. Samsung Securities plans to cooperate with Dunamu on security-token issuance and distribution as well as virtual-asset services. Samsung SDS will focus on blockchain-based financial infrastructure, and Samsung Card on payments.

Security-Token Rules Arrive Next February, Fueling Platform Buildout

Revisions to the Electronic Securities Act and the Capital Markets Act, which provide the legal basis for security tokens, passed the National Assembly in January. The amended laws are due to take effect next February, one year after promulgation. They will allow distributed-ledger-based securities ledgers and permit brokerage of investment-contract securities, whose distribution through securities firms had previously been restricted.

Large brokerages are moving not only to acquire stakes in cryptocurrency exchanges but also to build security-token issuance infrastructure. Mirae Asset Securities has completed a security-token mainnet through the Next Finance Initiative, or NFI, a consortium formed with Hana Financial Group and SK Telecom. Samsung Securities has also recently sent requests for proposals to major operators to build its own security-token platform.

Shinhan Securities signed a memorandum of understanding in February with Nextrade and seven major fractional-investment companies to cooperate on issuance and distribution in the fractional-investment market. NH Investment & Securities is preparing its business through the STO Vision Group, which includes 12 companies such as NongHyup Bank and K Bank. KB Securities is pursuing tokenization of traditional financial assets including corporate bonds, funds and trust beneficiary certificates.

In the secondary market, KDX and the NXT consortium are competing after receiving preliminary approval in February for over-the-counter fractional-investment exchanges. Both aim to apply for full approval in August and are building trading systems.

For now, brokerages remain in the market-entry phase, focused on buying exchange stakes and building platforms. For the security-token market to take root, the industry will need a steady supply of investable products and a reliable framework for valuing underlying assets.

Lee Jeong-hwan, a professor in the division of economics and finance at Hanyang University, said amendments to the Electronic Securities Act and the Capital Markets Act have made the formal adoption of security tokens more tangible, prompting brokerages to treat the sector as a future growth business and move early to capture market share. More competition among securities firms could broaden the range of products and services available to investors while lowering fees, he added.

Lee also said investors should remain cautious because many security tokens are backed by assets that are harder to value than shares in listed blue-chip companies such as Samsung Electronics and SK Hynix. Investors need to look beyond the name recognition of brokerages and platforms and closely examine the value of the underlying asset, the profit structure and the likelihood of trading.

Kim Yeon-ji, Hankyung.com reporter kongzi@hankyung.com