South Korean brokerage Korea Investment & Securities (KIS) is evaluating a potential stake in crypto exchange Coinone, according to Korean media reports and company comments, although no deal has been finalized.

Citing people familiar with the matter, the Korea Herald Reported that KIS began engaging with regulators and politicians as part of a broader process related to a potential investment in Coinone; Coinone also said no specific transaction has been decided.

The news comes as South Korea is considering a proposal to limit the stakes of major shareholders in domestic crypto exchanges to 20%, a move that could force ownership changes across parts of the sector if implemented. Coinone chairman Cha Myung-hoon reportedly controls about 53.44% of the exchange, meaning a share sale could be a way to adopt if the proposed cap moves forward into law.

The move would pit KIS against rival Mirae Asset Group, which agreed to acquire a controlling stake in crypto exchange Korbit, according to a February filing. KIS recorded a net profit of 2 trillion won (about $1.3 billion) in 2025, making it a strong candidate for a potential stake in Quinone, Hankyung. Reported.

South Korea limits crypto exchange ownership to 20 percent

The potential deal comes as South Korea moves to reshape the ownership structure in its cryptocurrency exchange market.

On March 4, South Korea’s government and ruling party agreed to a plan to limit the ownership stake of major shareholders in local exchanges to 20%. According to Herald Economy, the Digital Asset Task Force of the Democratic Party of Korea and the Financial Services Commission (FSC) agreed to set the maximum shareholding limit at 20% after discussions.

Related: South Korea’s tax agency is looking for a private crypto custodian after a security lapse.

Under the proposal, exchanges would have three years from the law’s enactment to adjust their ownership structure if the measure is approved.

With Cha owning more than half of Coinone, the proposed cap could eventually require him to reduce his stake. Harold said he may still retain management control even if the sale goes ahead.

The reported talks follow other recent moves by major South Korean companies to acquire positions in the crypto sector.

In late 2025, Naver Financial revealed plans for an all-stock deal worth about $10.3 billion to acquire Upbit’s operator Dunamu. On March 30, Naver Financial delayed its planned share swap with Dunamu, as regulatory reviews continued and trading volume declined.

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