As the token securities (STO) market prepares for significant growth, domestic securities firms and banks are ramping up investments to secure blockchain infrastructure and partnerships with virtual asset operators. However, despite the proactive investment efforts from the financial sector, the market continues to face delays in the implementation of regulatory frameworks following the passage of relevant legislation.
According to the financial investment industry on May 29, Samsung Securities, Samsung SDS, and Samsung Card held a board meeting on May 28 and resolved to acquire a 4% stake (1.39 million shares) in Dunamu, the operator of South Korea's leading virtual asset exchange, Upbit, for 612.8 billion won.
With this move, Samsung Group joins Hana Financial Group and Hanwha Investment & Securities in investing in Dunamu, mobilizing its financial and IT affiliates. Earlier, Hana Financial Group announced on May 15 that it would acquire a 6.55% stake in Dunamu for approximately 1.03 trillion won, while Hanwha Investment & Securities increased its stake to 9.84% on May 20, becoming the third-largest shareholder.
The substantial investments from major financial firms, which previously distanced themselves from the virtual asset industry due to regulatory uncertainties, are seen as efforts to secure a foothold in the future digital finance ecosystem.
Particularly, as discussions in the National Assembly lean towards separating issuance and distribution in digital asset regulations, financial firms have determined that partnering with Dunamu, which possesses extensive experience in handling large traffic and blockchain technology, is more efficient than building their own infrastructure.
The actions of institutional financial firms to gain a foothold in the STO market extend beyond just investing in virtual asset exchanges.
Daishin Securities has already taken proactive steps by acquiring management rights in Casa Korea, the country's first real estate fractional investment platform, thereby internalizing its token business infrastructure. Daishin Securities is recognized for combining its ability to select high-quality real estate with Casa Korea's distributed ledger technology platform, effectively completing its own value chain from issuance to distribution of real estate STOs.
As financial firms accelerate their market entry by acquiring their own platforms or forming alliances with major operators, competition for securing infrastructure is intensifying. Korea Investment & Securities has also decided to acquire a 20% stake in the domestic virtual asset exchange Coinone, indicating a growing trend of alliance-building across the financial sector.
However, despite the enthusiasm for proactive investments, the pace of regulatory development necessary to support actual business operations has not met market expectations.
The amendments to the Electronic Securities Act and the Capital Markets Act, aimed at establishing the STO framework, drifted for over a year after being submitted to the National Assembly, finally passing the plenary session on January 15. Yet, several months later, the establishment of specific approval criteria and distribution guidelines remains delayed, hindering the launch of practical services by companies.
Although financial firms have poured funds into securing stakes in virtual assets and tokenization platforms this month, they lack the legal guidelines necessary to operate their businesses, relying instead on extensions of the Innovative Financial Services (regulatory sandbox) designation, which has stalled the launch of major services.
A representative from the financial investment industry stated, "Countries like Hong Kong and Japan have already completed their STO-related regulations and entered activation phases years ago. Given that domestic financial firms are taking risks and making large-scale investments while building alliances, it is urgent for authorities to provide clear and swift detailed regulations to alleviate market investment stagnation and regulatory uncertainties."
* This article has been translated by AI.
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