Key Developments in the Cryptocurrency and Financial Sectors: South Korea, China, and Beyond

Korean Financial and IT Firms Race to Acquire Stakes in Crypto Exchanges Amid Market Shift

As South Korea gears up for the institutionalization of its Korean won stablecoin, a flurry of activity is sweeping through the nation’s financial landscape. Major players in the financial, securities, and IT sectors are rapidly moving to acquire equity stakes in local cryptocurrency exchanges, signaling a significant shift in the country’s approach to digital assets.

In a landmark move, Hana Bank has announced its intention to purchase a 6.55% stake in Dunamu, the operator of the popular Upbit exchange, for approximately $665 million. This acquisition is part of a broader trend, with Samsung Securities, Samsung SDS, and Samsung Card planning a joint acquisition of a 4% stake in Dunamu. Meanwhile, Hanwha Investment & Securities is eyeing a 3.90% stake, further consolidating the financial giants’ foothold in the crypto space.

In a separate development, Mirae Asset Consulting has decided to acquire a staggering 92.06% stake in Korbit for around $88.5 million. Additionally, Korea Investment Securities and OKX Ventures are each looking to secure roughly 20% equity interests in Coinone, another major player in the South Korean crypto market.

This surge in investment comes on the heels of a significant downturn in the cryptocurrency market. Following the crash of digital assets in October 2025, trading volumes in South Korea’s domestic cryptocurrency exchanges have plummeted to just one-tenth of the trading activity seen in the Korea Composite Stock Price Index (KOSPI). Recent data reveals that as of May 26, 2023, the total cryptocurrency trading volume across South Korea’s five compliant exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—accounted for a mere 8% of the concurrent stock trading volume of the KOSPI. This is a stark contrast to December 2024, when the proportion surged to 323% during a crypto bull run triggered by Donald Trump’s election as U.S. President.

The current landscape reflects a cautious optimism among institutional investors, who are betting on the future of cryptocurrencies despite recent market volatility. As South Korea continues to refine its regulatory framework and embrace digital currencies, the race to acquire stakes in crypto exchanges is likely to intensify, setting the stage for a new era in the intersection of traditional finance and digital assets.

With these developments, South Korea is positioning itself as a key player in the global cryptocurrency market, as financial institutions seek to adapt to the evolving landscape of digital finance. As the country moves forward with its plans for a stablecoin, the implications for both investors and the broader economy remain to be seen.