South Korea's traditional brokerages are moving into cryptocurrency exchanges at an unprecedented pace. On June 29, local financial investment sources reported that Kiwoom Securities (039490.KS) is considering acquiring a stake in the crypto exchange Bithumb via a third-party rights offering, with initial negotiations already underway. The specific investment size and method have not been finalized. Kiwoom responded to the reports with a “cannot confirm” statement, but industry observers see this as the latest step in traditional financial institutions' push into digital asset infrastructure.
Brokerage Arms Race: From Stakes to Takeovers
Kiwoom is not alone. A month earlier, Korea Investment & Securities secured a 20% stake in Coinone, becoming its third-largest shareholder. Earlier, Samsung Securities disclosed it would join Samsung SDS and Samsung Card to acquire a 4.0% stake in Dunamu, the operator of Upbit. Hanwha Investment & Securities increased its Dunamu stake from 5.94% to 9.84% through two consecutive purchases. Meanwhile, Mirae Asset Consulting, part of the Mirae Asset Group, acquired a 92.06% stake in Korbit for 133.5 billion Korean won (approximately $97 million), effectively taking control of the veteran exchange. From minority stakes to outright acquisitions, South Korean traditional financial players are accelerating their “land grab” of crypto exchanges.
The STO Law: The Real Driver
This wave of aggressive positioning is backed by a clear policy timeline. South Korea's Security Token Offering (STO) institutionalization bill is expected to take effect next year, along with substantive discussions on stablecoin regulations. Crypto exchanges' trading infrastructure will become a critical channel for brokerages to issue and distribute STOs. Industry insiders note that once STO issuance, distribution, and stablecoin payment infrastructure are institutionalized, the synergy between brokerages' traditional capital market capabilities (underwriting, market making, client networks) and exchanges' digital asset technology infrastructure will be enormous. Acquiring stakes in exchanges is equivalent to buying a ticket for the future business model.
South Korea vs. Taiwan: A Widening Strategic Gap
The aggressive moves by South Korean brokerages offer a stark contrast to Taiwan's market. Although Taiwan's Financial Supervisory Commission has allowed brokerages to engage in STO business and is considering a virtual asset management special law, as of mid-2026, no major Taiwanese brokerage has directly invested in a local crypto exchange with similar intensity. While South Korean brokerages are already in the “buying exchanges” phase, Taiwanese brokerages are still in the “waiting for regulators to say yes” phase, and the digital asset strategy gap between the two markets is rapidly widening.
It is worth noting that the Kiwoom-Bithumb negotiations are still in early stages, and the outcome remains uncertain. However, regardless of the result, South Korea's traditional financial institutions have fully launched their encirclement of crypto infrastructure, which will have a profound impact on the competitive landscape of the Asian digital asset market.