OKX seeks 20% of Coinone as Korea debates a 34% corporate ownership cap. The One Group already exceeds the proposed limit, putting the deal at risk.
OKX is in talks to acquire a 20% stake in South Korean crypto exchange Coinone, a move that would give the exchange a direct foothold in a regulated Asian market. The deal arrives just as lawmakers debate ownership caps that could block the transaction. Korea Investment & Securities is also seeking a 20% stake, according to Yonhap News Agency, with Coinone expected to issue new shares rather than transfer existing holdings. That structure would leave current management in place and inject fresh capital. The parallel investment by a domestic financial firm may strengthen the application. The regulatory timeline is now the dominant variable.
If approved, OKX would become the second overseas exchange to own part of a licensed Korean platform, following Binance's acquisition of a stake in Gopax. Coinone remains one of only a handful of exchanges licensed to offer fiat-to-crypto trading in South Korea, a market where trading volume is heavily concentrated on Upbit and Bithumb. The deal arrives within hours of Hana Financial Group confirming a $670 million investment in Dunamu, the parent of Upbit. Mirae Asset also announced plans to buy a 92% stake in Korbit, another top-tier exchange. Traditional finance is moving into Korean crypto at speed, a trend that could either normalize OKX's application or trigger a protectionist regulatory response.
South Korean lawmakers are debating the Digital Asset Basic Act, a framework that includes ownership restrictions for virtual asset service providers. Local media reports indicate authorities are considering a 34% cap on corporate ownership and a 20% ceiling for individual shareholders. The caps are not yet law. The discussion is advanced enough to cast a shadow over any new stake acquisition.
The proposed limits would reshape the ownership structure of every licensed Korean exchange. A 34% corporate cap means no single company could hold more than that threshold. A 20% individual cap would restrict founders and other natural persons. The caps appear designed to prevent concentrated control and reduce the risk of a single entity dominating an exchange, a concern that has grown after several high-profile crypto collapses globally.
For OKX, the 20% stake sits exactly at the individual limit. OKX is a corporate entity. The corporate cap of 34% would not directly block a 20% holding. The aggregate corporate ownership of Coinone would need to stay within legal bounds. The real problem is that Coinone's current ownership already breaches the proposed caps.
Yonhap reported that The One Group holds 34.3% of Coinone, while founder Cha Myung-hoon owns 19.14%. Cha is also the largest shareholder in The One Group, creating a complex control web. Gaming company Com2uS Holdings controls 21.95%, and its affiliate Com2uS Plus owns 16.47%.
| Shareholder | Current Stake | Proposed Cap | Status |
|---|---|---|---|
| The One Group (corporate) | 34.3% | 34% | Exceeds cap by 0.3 pp |
| Cha Myung-hoon (individual) | 19.14% | 20% | Under cap |
| Com2uS Holdings (corporate) | 21.95% | 34% | Under cap |
| Com2uS Plus (corporate) | 16.47% | 34% | Under cap |
The One Group's 34.3% stake already exceeds the proposed 34% corporate cap by a narrow margin. Coinone faces a restructuring requirement regardless of whether OKX enters. The exchange would need to reduce The One Group's holding or seek an exemption. Adding OKX and Korea Investment & Securities as new corporate shareholders would further complicate the ownership mix, even if each stays under the individual cap.
Several factors could clear the path for OKX. The most significant is the legislative timeline. If the Digital Asset Basic Act takes months or years to finalize, the deal could close before the caps become law. Regulators might also include grandfathering provisions that exempt existing stakes from immediate compliance, giving exchanges time to adjust.
The involvement of Korea Investment & Securities, a domestic financial institution, may help. A joint application with a local partner signals a commitment to Korean regulatory standards and could ease concerns about foreign control. The new-share issuance structure, which leaves management intact, also positions the deal as a capital injection rather than a takeover.
A separate dynamic is the broader trend of traditional finance entering crypto. The Hana Financial Group-Dunamu and Mirae Asset-Korbit deals suggest that regulators may be more comfortable with institutional ownership than with opaque conglomerate structures. If the Financial Services Commission views OKX's entry as part of a maturing market, approval odds rise.
The risk scenario is a rapid passage of the Digital Asset Basic Act with retroactive effect. If lawmakers require immediate compliance, Coinone would be forced to reduce The One Group's stake. OKX's planned 20% holding could be blocked on the grounds that it adds to an already non-compliant structure. A strict enforcement stance could also freeze all pending ownership changes until the exchange restructures.
A second risk is that regulators treat OKX differently because it is a foreign exchange. South Korean authorities have historically been cautious about overseas control of financial infrastructure. The concentration of trading on Upbit and Bithumb already raises concerns about market dominance. Adding another foreign-linked exchange might be seen as increasing systemic risk rather than diversifying it.
The 34% corporate cap is close enough to The One Group's current stake that any increase in corporate ownership, even through new share issuance, could be viewed as exacerbating the violation. If regulators calculate aggregate corporate ownership post-deal, the combined stakes of The One Group, Com2uS Holdings, Com2uS Plus, OKX, and Korea Investment & Securities would far exceed any reasonable cap, even if no single entity breaches the limit.
OKX's Coinone bid is part of a wider expansion that includes the OKX Card, a stablecoin-linked payment product launched with Mastercard and Circle, and the Agent Payments Protocol, an open framework for AI-driven commerce across multiple blockchains. Mastercard (MA) carries an Alpha Score of 58/100 (Moderate) on AlphaScala's proprietary framework, reflecting a balanced risk-reward profile in the financials sector. The exchange also integrated off-exchange settlement with BitGo for U.S. institutional clients.
A blocked deal would not halt OKX's global push. It would close the most direct path into a regulated Asian market. The exchange might then pursue alternative structures, such as a technology partnership or a smaller stake that stays clearly under any cap. For the Korean market, a rejection could slow the influx of foreign capital and reinforce the dominance of Upbit and Bithumb.
The ownership cap debate also has implications for other exchanges. If Coinone is forced to restructure, Gopax (with Binance's stake), Korbit (with Mirae Asset's planned 92% acquisition), and even Upbit (with Hana's investment) could face similar pressures. The Digital Asset Basic Act could become a catalyst for broad ownership reshuffling across the entire licensed exchange sector.
Traders tracking the Korean crypto market should monitor two concrete markers: any committee vote or public hearing on the Digital Asset Basic Act, and any statement from the Financial Services Commission regarding the OKX-Coinone application. The deal is a litmus test for whether Korea will welcome foreign exchange investment or erect ownership barriers that reshape the competitive landscape. For broader context on how regulatory shifts are reshaping crypto markets, see our crypto market analysis and the recent Poland Adopts Crypto Law After Exchange Collapse and Fraud Probe.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.