Small and midsize virtual asset exchanges backed by major securities firms are moving to expand their competitiveness in earnest. When the security token offering (STO) market opens next year, the landscape of Korea's virtual asset market, which has centered on large exchanges, is expected to change.
According to the financial sector on the 23rd, Coinone submitted a shareholder change report to the Financial Intelligence Unit (FIU) of the Financial Services Commission last week. Coinone, which has been discussing its equity structure with the financial authorities, expects the filing to be accepted without major issues. Once the filing is accepted, Coinone's equity structure will be Chief Executive Cha Myeong-hun 30.36%, Com2uS 24.54%, Korea Investment & Securities Co. 20%, and OKX Ventures 20%.
Coinone is currently hiring. The goal is to prepare to generate synergy with Korea Investment & Securities Co. Coinone first aims to expand market share and is preparing to use Korea Investment & Securities Co.'s mobile trading system (MTS) and OKX's virtual asset wallet.
Mirae Asset Group, which has Korbit under its wing, is targeting the real-world asset (RWA) tokenization market. In the global market, traditional financial assets such as Government Bonds, funds, and real estate are already being transacted as Blockchain-based token assets. Recently, Mirae Asset Global Investments signed a business agreement with Ondo Finance, a global RWA tokenization platform corporations, and plans to pursue tokenization of exchange-traded funds (ETFs) for the first time among Asian asset managers.
Until now, virtual asset exchanges have been a two-top system of Upbit and Bithumb. However, some say the market structure could change if major securities firms with solid customer bases jump in. In addition, if the amendments to the Electronic Securities Act and the Financial Investment Services and Capital Markets Act take effect as scheduled in Feb. next year, a new market called security tokens will open. Securities firms plan to use virtual asset exchanges as distribution platforms for security tokens and real-world assets.
An industry official said, "Won-based exchanges that can secure a business base without needing new licenses are increasingly receiving love calls from securities firms," adding, "If the second phase of digital asset legislation proceeds this year and the STO market opens next year, the rise of small and midsize exchanges is also worth watching."