Kiwoom Securities is looking to acquire a stake in Bithumb, the second-largest crypto exchange in South Korea, Chosun Biz reported. The two companies are discussing a third-party allocation of additional shares, with Bithumb issuing new shares and Kiwoom subscribing for them. The exact extent of the share and the value of the investment are still under discussion, as the talks are ongoing and neither party has agreed to final terms.
Already, several major Korean brokerages, including Samsung Securities and Mirae Asset, have moved to secure positions in local exchanges. As a result, Kiwoom’s push signals growing competition among securities firms to gain a foothold in digital assets before new rules arrive.
A Bithumb official told Chosun Biz the company is “discussing partnerships with the financial sector and several corporations across various possibilities, but nothing has been specifically reviewed or decided yet.”
STO and Stablecoin Reforms Drive Strategy
South Korea is preparing to institutionalize security token offerings (STOs) and stablecoins under its Digital Asset Basic Act. Regulators seek to bring crypto platforms more in line with traditional finance rules, including tighter governance, disclosure and risk management. Hence, security firms view early investments in exchanges like Bithumb as a way to position themselves for tokenized securities and regulated stablecoin markets.
At the same time, the Financial Services Commission (FSC) has agreed with lawmakers to cap major shareholders’ stakes in domestic exchanges at 20% in principle. Under the plan, the FSC could approve exceptions up to 34%, mainly for newer businesses that need stronger sponsors. Large platforms such as Upbit and Bithumb would have about three years after the law takes effect to comply with the new limits.
The rules could dramatically alter Bithumb’s ownership structure. Bithumb Holdings holds 73.56% of the exchange, so it would have to slash its stake by over 50 percentage points to comply with a 20% cap. That pressure means bringing in a financial partner, such as Kiwoom, via new shares could spread ownership and raise growth capital.
Market watchers say the talks highlight how governance reforms are pushing Korea’s crypto sector toward broader, more institutional ownership. As the FSC finalizes its second-phase virtual asset reforms, exchanges are racing to line up reputable shareholders ahead of tighter oversight.
Consequently, any eventual deal between Kiwoom and Bithumb could become a template for how traditional brokers and crypto platforms team up under the new rules.
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