Mirae Asset and Korbit Push to Unveil Blueprint for Joint Business in October [Crypto Briefing]

[Financial News] Mirae Asset Group and the virtual asset exchange Korbit (Digital X) are seeking to hold a rebranding event as early as early October and publicly present the direction of their joint business. Attention is focused on the potential synergies between Mirae Asset and Korbit in areas such as real-world asset (RWA) tokenization and security token offerings (STO). However, any concrete service will need to pass regulatory scrutiny over the scope of work and outsourcing rules between financial firms and virtual asset businesses, making this a possible first test case for the integration of finance and virtual assets.
According to the investment and virtual asset industries on the 6th, Mirae Asset and Korbit are reviewing plans to finalize their joint business strategy by next month and then hold a rebranding event in October. Discussions are under way between working-level staff at the two companies, and a preliminary meeting in the form of a town hall with relevant employees is also being prepared for later this month.
An industry source said, "The two companies are reviewing a plan to announce future businesses at the October rebranding event," adding, "They are currently in the stage of closely discussing the business direction."
The acquisition of Korbit by Mirae Asset Consulting, an affiliate of Mirae Asset, was completed last month after approval from the Korea Fair Trade Commission (KFTC) for the merger. After the acquisition, Mirae Asset outlined a plan to gradually expand into RWA, STO, stablecoin, custody, and digital payment and storage businesses in line with regulatory improvements.
The company is also considering offering research, asset custody, and asset management support services for institutional and corporate clients in anticipation of greater corporate participation in the virtual asset market.
Still, industry observers say regulatory reform must come first before the two companies can move ahead with joint projects. In response to a recent request from the Financial Supervisory Service, the Korea Financial Investment Association has already notified securities firms of key points to keep in mind when pursuing virtual asset-related businesses.
The Financial Supervisory Service has advised securities firms to conduct their own legal reviews and consult regulators in advance if they plan to offer virtual asset price checks or linked trading services on their platforms, or if they seek strategic partnerships with virtual asset exchanges. It also asked firms to determine, on a case-by-case basis, whether businesses using an exchange's systems and data amount to outsourcing of core financial services.
As equity investments and business partnerships between securities firms and virtual asset exchanges have recently increased, the move is seen as a precautionary step to check in advance for possible conflicts with the prevailing separation of finance and virtual assets or with current financial regulations. Another industry source said, "The goal is not to restrict securities firms' virtual asset businesses themselves," adding, "In a situation where the General Act on Digital Assets and other second-stage legislation have not yet been introduced, this is being viewed as a procedural guideline intended to encourage close consultation with regulators."
The Bank of Korea also said in a related report that if the institutionalization of virtual assets advances, their linkage with financial markets could deepen. It noted that Korea's virtual asset market currently has relatively weak ties to traditional financial markets because trading is centered on individual investors and participation by corporations and foreigners is restricted. However, as the number of market participants and linked products grows, the risk of shock transmission could also increase. The bank said a system is needed to identify and monitor capital flows between the virtual asset market and the traditional financial market, as well as market participants and linked products.
For Mirae Asset and Korbit, the key issue will be how to connect the financial products and customer base of the two companies with Korbit's virtual asset trading infrastructure.
An industry source said, "The key will be how specifically they can define the scope of joint businesses that are feasible under current financial regulations, while also boosting trading liquidity and linking systems and customer information."

[email protected] Kim Mi-hee Reporter