South Korean brokerage Korea Investment & Securities (KIS) is reviewing a potential stake in cryptocurrency 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 has begun engaging with regulators and politicians as part of a broader process linked to a potential investment in Coinone. Coinone also said that no decision has been made on any specific transaction.

The news comes as South Korea is considering a proposal to cap major shareholder stakes in local cryptocurrency exchanges at 20%, a move that could force ownership changes across parts of the sector if enacted. Coinone Chairman Cha Myung-hun reportedly controls about 53.44% of the exchange, meaning selling stakes could become one way to adapt if the proposed cap becomes law.

The move would put KIS alongside rival Mirae Asset Group, which has agreed to acquire a controlling stake in cryptocurrency exchange Korbit, according to a February filing. KIS recorded net profits of more than 2 trillion won (about $1.3 billion) in 2025, making it a strong candidate for a potential acquisition of a stake in Coinone, Hankyung reported.

South Korea Moves to Limit Ownership of Cryptocurrency Exchanges by 20%

The potential deal is unfolding as South Korea moves to reshape ownership structures in the cryptocurrency exchange market.

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

Related to: South Korea’s tax agency is looking for a private security guard for cryptocurrencies after security lapses

Under the proposal, exchanges would have three years from enforcement to adjust their ownership structures if the measure passes.

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

The aforementioned talks come on the heels of other recent moves by major South Korean companies to secure positions in the cryptocurrency sector.

In late 2025, Naver Financial unveiled plans for a roughly $10.3 billion all-stock deal to acquire Dunamu, the operator of Upbit. On March 30, Naver Financial delayed its planned stock swap with Dunamu, as regulatory reviews continued and trading volumes declined.

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