bloomingbit

Bitcoin rutschte auf den Bereich um 63.000 US-Dollar ab, nachdem ein Kurssturz von 11 % im südkoreanischen Kospi sowie eine Verzögerung bei einer Abstimmung über den US-Krypto-Marktstrukturgesetzentwurf, der als CLARITY Act bekannt ist, die Stimmung belasteten.
CoinDesk berichtete am 28. Juli, dass Bitcoin während der US-Handelszeiten etwa 2 % verlor und nahe bei 63.488 US-Dollar gehandelt wurde. Der südkoreanische Kospi fiel um 11 %, nachdem die Kurse von Halbleiteraktien abstürzten, was die globale Risikobereitschaft unter Druck setzte.
Gleichzeitig wurden die Aussichten, dass der CLARITY Act in diesem Jahr verabschiedet wird, nach den Entscheidungen des US-Senats, zunächst einen Gesetzentwurf über Sanktionen gegen Russland sowie Bestätigungsabstimmungen für Kandidaten für Regierungsämter des Bundes in den Vordergrund zu stellen, deutlich unsicherer.

Samsung Electronics, SK Hynix slump 13% to 15%; Japan’s Kioxia drops 18%, Tokyo Electron 11%
ASML extends losses for a second day after report on China’s DUV lithography development
Micron, Intel and other U.S. chip stocks also fall for a second straight day
Semiconductor and chip-equipment shares across Asia tumbled on July 28 as investors grappled with intensifying competition from China and mounting concern over AI financing. Unease over the possibility of a U.S. interest-rate increase as early as this week added to the selloff, despite lower oil prices.
South Korea’s Kospi index, seen as a gauge of sentiment toward AI-related technology stocks, fell more than 10% on July 28 to its lowest level in three months. The benchmark had more than tripled over the past 12 months, but has now dropped more than 30% from its peak. SK Hynix plunged 14.65%, while Samsung Electronics sank 13.39%.
Japanese stocks were also swept up in the selloff.
Kioxia tumbled 18.33% in Tokyo trading. Chip-equipment makers Tokyo Electron and Advantest dropped 10.96% and 10.11%, respectively. Canon, which makes more mature semiconductor equipment, slid as much as 6.3%, while Nikon, which produces immersion DUV systems similar to those reportedly being developed by a Chinese company, fell 9.2%. Both companies posted their biggest declines in more than two months. Japan’s Nikkei 225 fell about 4% to its lowest level in two years.
In Taiwan, TSMC fell 3% and MediaTek dropped 9.9%, while the Taiex lost 4.65%.
The Information reported on July 27 that a Chinese equipment maker had begun domestic development and production of immersion deep ultraviolet, or DUV, lithography tools, a market long dominated by ASML Holding NV of the Netherlands. ASML shares fell 5.8% on July 27 and were down nearly 4% again in U.S. premarket trading on July 28. U.S. chip-equipment companies including Lam Research also declined.
In trading before the U.S. open on July 28, American semiconductor and memory shares came under pressure again. Intel, Micron, SanDisk and Seagate each fell more than 4%. Nasdaq futures dropped 0.8%, while S&P 500 futures slipped 0.1%.
Chris Weston, head of research at Melbourne-based brokerage Pepperstone, said no single risk signal was driving the market. Instead, concern over AI financing and China’s emergence as a competitor across the semiconductor supply chain combined to hurt sentiment.
China’s CXMT, the world’s fourth-largest memory maker, raised $8.6 billion in a July 27 listing, becoming China’s most valuable company. That added to selling pressure on South Korean memory-chip stocks.
Shares of CXMT, which helped trigger the rout in Asian semiconductor stocks, fell 3% on July 28.
The Wall Street Journal reported on July 27 that Nvidia would provide about $250 billion in financial guarantees for OpenAI’s contracts for data-center computing use, along with $350 billion for hardware purchases including GPUs. Nvidia shares fell 5% on the news.
David Chiu, a strategist at Citigroup, said losses on existing long positions in Nasdaq 100 futures and South Korea’s Kospi index had become severe.
As tensions between the U.S. and Iran eased, Brent crude extended the sharp decline recorded on July 27, falling to $87.19 a barrel. The move followed the U.S. decision over the weekend to abruptly halt airstrikes. President Donald Trump said on July 27 that the U.S. was having "good talks" with Iran and that a deal was possible.
The pause in fighting pushed the yield on the 10-year U.S. Treasury down about 4 basis points to 4.64% on July 27. Short-term Treasury yields were little changed.
Markets are pricing in about a 38% chance that the Federal Reserve will raise rates by 25 basis points on July 29, up sharply from about 16% two weeks earlier.
Expectations for a rate increase later this month or by September supported the dollar. The dollar index rose 0.08% from the previous day to 101.621. The yen traded at 163.78 per dollar, hovering just above its weakest level in 40 years.
Markets are bracing for the Bank of Japan to leave rates unchanged this week, a backdrop that could put further pressure on the yen.
Kim Jeong-a, contributing reporter, Hankyung.com, kja@hankyung.com

A global selloff in semiconductor shares has narrowed the price gap between contracts linked to SK Hynix Inc.'s US American depositary receipts and its South Korea-listed shares. With markets in South Korea, Japan and Taiwan tumbling together, the pressure could extend to US technology stocks.
Odaily, a crypto-focused media outlet, reported on July 28, citing HyperInsight data, that the premium on SK Hynix ADRs shrank by about 4 percentage points from roughly 33.0% a day earlier. On a share-adjusted basis, SKHY was valued at about $1,379.1, or 28.9% above SKHX.
On Hyperliquid that day, SKHX, the contract linked to SK Hynix's South Korean shares, traded at $1,069.5, while SKHY, the contract tied to its US ADRs, stood at $137.91. Over the same period, SKHX fell 13.5% and SKHY dropped 16.2%.
Selling spread across Asian equity markets, led by chip stocks. South Korea's Kospi index slumped as much as 11% intraday on July 28, while Samsung Electronics Co. and SK Hynix each sank more than 13%. Japan's Nikkei 225 and Taiwan's benchmark index, both heavily weighted toward semiconductor stocks, each fell about 4%.
US technology shares may also come under pressure as concerns mount over returns on AI investment amid intensifying competition from Chinese companies. Citigroup said long positions in the Nasdaq 100 Index remain underwater, raising the risk of a further market correction.
"It is entirely reasonable for investors to reduce their exposure to semiconductor stocks, and this is the time to take profits and diversify assets," Vincent Juvyns, ING's chief investment strategist, said.
He added that earnings prospects for the semiconductor industry remain positive over the next several years. The latest selloff is a normal correction within the sector's longer-term growth trend.

US spot-Bitcoin exchange-traded funds recorded net outflows for a third consecutive trading day.
According to Trader T, the 11 US spot-Bitcoin ETFs posted combined net outflows of $11.65 million on July 27. BlackRock's IBIT led the withdrawals with $8.83 million, while Fidelity's FBTC saw net outflows of $2.82 million.
The remaining products recorded no net flows.

Bitcoin fiel unter 63.000 US-Dollar, da die Sorge wuchs, dass die US-Notenbank (Federal Reserve) die Zinsen anheben könnte. Dadurch geriet die Kryptowährung auf den niedrigsten Stand seit 11 Tagen.
Bloomberg berichtete am 27. Juli, dass Bitcoin während der Sitzung bis zu 2,3% nachgegeben hat und bei 63.414 US-Dollar lag. Auch Ether fiel um 3,6%.
Die Schwäche bei digitalen Vermögenswerten scheint eine wachsende Zurückhaltung widerzuspiegeln, dass die Fed in dieser Woche ihren Leitzins anheben könnte. Citadel Securities erwartet, dass die Zentralbank die Zinsen am Mittwoch um 0,25 Prozentpunkte anhebt. Die Märkte preisen bei dieser Sitzung etwa eine Chance von eins zu drei auf eine Zinserhöhung.

The US Senate has put off a vote on the CLARITY Act, a cryptocurrency market structure bill.
CoinDesk reported on July 27 that Senate Majority Leader John Thune first moved ahead with confirmations for federal appointments and is now pushing a Russia sanctions bill. That has bumped the CLARITY Act off the Senate floor schedule for the time being.
The Senate must clear cloture and waiting-period requirements before taking up contested legislation. With multiple high-profile bills competing for floor time, a CLARITY Act vote appears unlikely before work on the Russia sanctions measure and other items is finished.
A vote could come as soon as next week at the earliest. The Senate is due to begin its summer recess on Aug. 8, leaving little time to act before the break.
Negotiations between Democrats and Republicans over the bill's language also remain unresolved. The main sticking point is an ethics provision that would restrict senior government officials, including President Donald Trump, from involvement in crypto-related businesses.
Talks had advanced after Trump agreed to an ethics provision limiting his own crypto-related activities. Democrats, however, are pressing for tougher language, arguing the current provision would not sufficiently curb conflicts of interest tied to Trump's crypto businesses.
Thune has said he hopes to pass the CLARITY Act before the summer recess. On whether he would move ahead with a vote, he said, "We have to see where the votes are."
Even if the Senate passes the CLARITY Act, the bill would still need House approval. Both chambers return in September, but the timeline for passing the legislation this year would become even tighter if it misses the pre-recess window, as Congress enters a lame-duck session after the November election.

Nvidia fällt um 4,99%; SK Hynix ADRs verlieren 7,47%
US-Aktien schlossen am 27. Juli gemischt, nachdem ein kräftiger Rückgang der Ölpreise die anhaltenden Sorgen über aktienbezogene KI-Semiconductor-Titel nicht ausgleichen konnte. Eine Entspannung der Lage im Nahen Osten half dabei, dass der Dow Jones Industrial Average und der S&P 500 leicht zulegten, doch ein breiter Abverkauf bei Chipwerten, angeführt von Nvidia, zog den Nasdaq nach unten.
Der Dow stieg um 262,83 Punkte bzw. 0,51% auf 52.210,08 zum Handelsschluss an der New York Stock Exchange.
Der S&P 500 legte um 1,20 Punkte bzw. 0,02% auf 7.413,18 zu. Der stark technologiegeprägte Nasdaq Composite fiel um 43,74 Punkte bzw. 0,18% auf 24.932,08.

Bitcoin held around $65,000 and showed relative strength even as artificial intelligence-related technology stocks weakened. Still, this week’s Federal Reserve rate decision and earnings from major technology companies could determine the market’s next direction.
CoinDesk reported on July 27 that Bitcoin was trading near $65,000, up about 4% from last Friday. Ether also touched its highest level in about two months. Nvidia, by contrast, fell 4.8% on the day, leading declines in AI-related shares, while the Nasdaq was little changed as strength in Apple, Microsoft and Google helped offset the weakness.
“The recent resilience crypto has shown during a volatile stretch for traditional risk assets is encouraging,” Joel Kruger, market strategist at LMAX Group, said. The move supports the argument that digital assets are starting to decouple, at least in part, from traditional risk assets. Kruger said Bitcoin needs to break above $67,300, a ceiling that has capped gains since June, for the next upward phase to come into view. For Ether, he added, $2,000 serves as a similar resistance level.
Tom Lee, chairman of BitMine and co-founder of Fundstrat, viewed Ether’s recent outperformance versus Bitcoin as a bullish signal for the broader crypto market. The ETH-BTC ratio, which measures Ether’s price relative to Bitcoin, climbed to its highest level in three months on July 27.
Not everyone shares that view. Nikolai Sondergaard, a senior research analyst at Nansen, said the market was merely holding in a range without strong buying pressure and was not yet moving toward a breakout. If market conditions do not improve, Bitcoin could pull back to a range of $52,000 to $58,000. About 9,000 Bitcoin left exchanges over the past week, but open interest in Bitcoin futures fell even as prices inched higher. He took that as a sign investors were reducing existing positions rather than opening new longs.
Sondergaard said Nansen would need to see three developments before turning more positive: rising stablecoin inflows to exchanges, continued buying in spot Bitcoin ETFs, and an end to stop-loss selling by long-term holders.
On this week’s calendar are the Fed’s rate decision on July 30, earnings from Microsoft, Meta, Apple and Amazon, the core personal consumption expenditures price index and second-quarter gross domestic product data. Bitcoin and Ether options worth $13 billion to $14 billion are also set to expire at the end of July.

Der Nasdaq fiel nach einem starken Rückgang im Tagesverlauf.
Laut den Yahoo-Finance-Daten vom 27. Juli um 23:48 Uhr lag der Index 0,55% unter dem vorherigen Schlusskurs bei 24.839,37.
Der Rückgang wurde durch deutliche Verluste bei wichtigen Indexkomponenten verursacht, insbesondere bei den Halbleiteraktien. Nvidia wurde bei 198,85 US-Dollar gehandelt, 3,88% weniger als in der vorherigen Sitzung. SK-Hynix-ADRs fielen um 7,01%, während Micron um 4,99% nachgab und AMD 6,45% verlor.

U.S. stocks and Treasuries rose on July 27 as crude prices tumbled on signs a pause in hostilities between the U.S. and Iran may hold. Investors are also heading into a week packed with earnings from major companies and the Federal Reserve’s rate decision.
As of 10 a.m. in New York, the S&P 500 was up 0.5%, the Nasdaq Composite had gained 0.5%, and the Dow Jones Industrial Average had risen 0.9%.
September Brent crude, the global benchmark, fell 6.2% to $90.79 a barrel after climbing as high as $100 last week. U.S. West Texas Intermediate futures dropped 5.7% to $83.83 a barrel. Oil extended its slide after the U.S. halted attacks on Iran and Kazakhstan’s oil export terminal resumed loadings, easing supply concerns.
The 10-year Treasury yield, which briefly rose above 4.7% last week, fell 3 basis points to 4.650%. The two-year yield, which is more sensitive to Fed policy, was little changed at 4.32% ahead of the central bank’s meeting.
Nvidia fell 2%, while Micron Technology and SK Hynix also edged lower. Intel and Advanced Micro Devices declined. Alphabet rose 2%.
About 170 companies are due to report quarterly results this week, including Amazon, Apple, Meta Platforms and Microsoft.
Higher-than-expected artificial intelligence spending could deepen investor concerns and pressure those stocks, as it did with Alphabet last week, CNBC reported. At the same time, such spending would be a positive for semiconductor and equipment makers because it would signal continued demand.
Ken Mahoney, chief executive officer of Mahoney Asset Management, said continued spending is a risk for hyperscalers. A pullback in spending, or even slower growth in that spending, could trigger an even sharper market backlash, he added.
The Fed is due to announce its rate decision and economic projections on July 29. Markets expect the central bank to keep rates unchanged this month and raise them in September. CME Group’s FedWatch tool showed a 66% probability that the Fed will leave its benchmark rate unchanged this week, compared with a 33% chance of a quarter-point increase. That is down from nearly 80% odds of a pause two weeks ago, before the U.S. and Iran resumed airstrikes.
Last week, the S&P 500 and the Nasdaq fell 0.6% and 2.1%, respectively, marking a second straight weekly decline for both indexes. The Dow dropped 0.4% for its third consecutive weekly loss.
Kim Jung-a, contributing reporter

A South Korean court ruled that virtual assets paid to employees in exchange for ending a dispute with their employer early and keeping it out of public view were taxable gratuities rather than damages.
According to the legal community on July 27, the Seoul Administrative Court's Second Administrative Division, led by Presiding Judge Kong Hyun-jin, ruled against five former employees of Ground1, now Ground X, including a plaintiff identified only as A. The suit sought to overturn tax offices' refusal to revise their comprehensive income tax assessments.
A and the other plaintiffs worked at Ground1, Kakao's blockchain affiliate, before accepting recommended resignations in September 2020 after conflicts with the company over job reassignments and organizational restructuring. In addition to severance pay, retirement consolation payments and compensation for unused annual leave, the company paid them virtual assets it had issued. After reporting and paying comprehensive income tax on the assets, they sought a reassessment and a refund of about $8 million, arguing the payment was a dispute settlement stemming from an unfair labor practice or damages. They filed suit after the tax authorities rejected the request.
The court focused on language in the resignation agreement stating that the company would provide virtual assets if the employees refrained from conduct that could damage the company's reputation, including media interviews.
The panel said the plaintiffs received the virtual assets in addition to ordinary severance pay in return for stopping conduct that could harm the company's reputation. The payment was made as a gratuity for ending the dispute early and maintaining confidentiality, the court said, making it taxable as "other income" under the Income Tax Act.
Lee In-hyuk, Hankyung.com reporter twopeople@hankyung.com

Die Krypto-Asset-Börse BitMart hat sich der wachsenden Liste von Krypto-Unternehmen angeschlossen, die 2026 ihren Betrieb einstellen, nachdem man beschlossen hatte, den Börsenbetrieb schrittweise zurückzufahren. In diesem Jahr haben sich die Schließungen von Dienstleistungen in der gesamten Branche ausgeweitet – von Börsen bis hin zu Projekten im dezentralen Finanzwesen, also DeFi. Der anhaltende Marktrückgang treibt eine umfassendere Bereinigung im Sektor der Krypto-Assets an.
BitMart teilte am 27. Juli auf seiner offiziellen Website mit, dass das Unternehmen plant, den Börsenbetrieb in mehreren Phasen auszusetzen. Das Unternehmen erklärte, die Entscheidung spiegele seine finanzielle Lage, das Marktumfeld und die künftige strategische Ausrichtung wider.

Bitcoin stieg wieder über 65.000 US-Dollar, nachdem die USA und der Iran einen zweiten Tag in Folge von Militäreinsätzen abgesehen hatten.
CoinDesk berichtete am 27. Juli, dass Bitcoin im Bereich von 65.000 US-Dollar gehandelt wurde, etwa 1,2 % höher als 24 Stunden zuvor. Ether stieg um mehr als 3 % auf nahe 1.950 US-Dollar, während andere führende Tokens unter den Top-10 nach Marktkapitalisierung, darunter Solana und XRP, um 1 % bis 2 % zulegten. Im Gegensatz dazu fielen die internationalen Ölpreise um etwa 5 %.
Die USA und der Iran hatten sich im zweiten Quartal zuvor auf eine vorübergehende Waffenruhe geeinigt, nachdem die Kämpfe Ende Februar begonnen hatten, doch die Kampfhandlungen nahmen bald wieder auf. Berichten zufolge hat der Iran signalisiert, dass er seine Luftangriffe ebenfalls einstellen würde, wenn die USA seine Bombenkampagne beenden.

US-amerikanische Spot-Bitcoin- und Ether-Exchange-Traded-Funds verzeichneten in der dritten Woche in Folge wöchentliche Nettozuflüsse.
Wu Blockchain berichtete am 27. Juli, dass U.S.-amerikanische Spot-Bitcoin-ETFs in der Woche vom 20. bis 24. Juli Nettozuflüsse von 33,79 Millionen US-Dollar verzeichneten. U.S.-Spot-Ether-ETFs zogen in demselben Zeitraum Nettozuflüsse in Höhe von 104 Millionen US-Dollar an und verlängerten damit ihre Serie auf drei aufeinanderfolgende Wochen.
Auch große Altcoin-Spot-ETFs zogen frisches Kapital an. Spot-Solana-ETFs verzeichneten Nettozuflüsse von 7,2 Millionen US-Dollar, während Spot-XRP-ETFs Nettozuflüsse von 8,15 Millionen US-Dollar meldeten.

The US Senate has about two weeks to pass the CLARITY Act, legislation that would set the market structure for digital assets, as Democrats and Republicans remain at odds over a key ethics provision.
CoinDesk reported on July 26 that lawmakers released a new amendment to the CLARITY Act combining two drafts developed separately by the Senate Banking Committee and the Senate Agriculture Committee. The revised measure includes, for the first time, an ethics provision aimed at President Donald Trump that would bar senior public officials from issuing or sponsoring their own digital assets.
The ethics provision has won White House approval, but Democratic senators have not accepted it. Under the measure, Trump would have to sell the related business within one year or place it in a blind trust, with the Justice Department responsible for enforcement. Democrats argue it is hard to trust the department to act independently while a sitting president remains in office. They also object that the provision would lapse as soon as the next president takes office, making any later retroactive application impossible. Democrats also have reason to keep the issue alive ahead of this year's midterm elections, given Trump's $1.4 billion in crypto income last year.
Backers of the bill are emphasizing the significance of the ethics language. Republican Senator Cynthia Lummis said the provision would apply not only to Trump but also to a broad range of public officials and federal judges. Patrick Witt, the White House's crypto adviser, called it the broadest ethics provision ever approved by a US president.
The procedural window is also tight. Senate aides from both parties and crypto industry officials contacted by CoinDesk expect a motion to begin debate to be filed on Monday or Tuesday. For a vote to take place before the Senate's summer recess on Aug. 7, the motion would have to be submitted no later than Wednesday. Kristin Smith, president of the Solana Policy Institute, said the recess deadline is a powerful negotiating tool.
Elizabeth Warren, the top Democrat on the Senate Banking Committee, said in a statement that the revised bill should be "thrown in the trash immediately." She cited investor protection, national security provisions and Trump's crypto conflicts of interest as reasons for her opposition. The crypto industry is urging lawmakers to pass the measure, arguing that if it fails, investor safeguards would disappear.

Die US-Notenbank Fed geht in diese Woche mit der Möglichkeit einer weiteren Zinserhöhung in die anstehende Zinsentscheidung: Steigende Spannungen im Nahen Osten und ein Anstieg der Ölpreise trüben den Ausblick auf die Inflation.
Bloomberg berichtete am 26. Juli, dass die Fed das Treffen des Federal Open Market Committee am 28.-29. Juli abhalten wird, um die Zinssätze zu entscheiden. Die zuletzt im Vergleich zu den Erwartungen niedrigeren Verbraucherpreise im vergangenen Monat hatten die Argumente für eine Pause gestärkt. Diese Einschätzung ist jedoch weniger sicher geworden, nachdem sich die Spannungen zwischen den USA und dem Iran verschärft haben, die Ölpreise deutlich nach oben getrieben und die Sorge erneuert haben, dass die Inflation wieder an Fahrt gewinnt.

Global financial markets this week will zero in on earnings from major US technology companies and the outcome of the Federal Open Market Committee meeting. Crypto markets are also poised to react to signals on artificial intelligence investment and the path of interest rates.
From July 27 to July 31, major US technology companies including Microsoft, Meta Platforms and Amazon.com are due to report second-quarter results. Investors are focused less on the earnings figures themselves than on capital expenditure plans, the pace of AI infrastructure spending and changes in free cash flow.
Alphabet earlier posted results that beat market expectations, but its free cash flow turned negative for the first time on record as it increased spending on AI infrastructure. That has made the hit to profitability from heavier AI investment a key variable this earnings season.
The Federal Reserve will hold its FOMC meeting on July 28-29 to set benchmark interest rates. CME FedWatch data show markets are pricing in a high probability that rates will remain unchanged. At a press conference scheduled for early July 30 in Korea, Fed Chair Kevin Warsh will be closely watched for signals on the timing of future rate cuts and the central bank's response to inflation pressures from higher oil prices.
The Middle East is another variable. If tensions between Saudi Arabia and Houthi rebels escalate, pressure on international oil prices could continue to build. That could weigh on sentiment toward risk assets.
In Chinese equities, ChangXin Memory Technologies, China's largest DRAM maker, will list on July 27. Later in the week, investors will watch the Chinese Communist Party Politburo meeting for signs of additional economic stimulus or industry support measures.

Hanwha raises Dunamu stake to 9.84%; Samsung affiliates acquire 4%
Brokerages speed up issuance and trading platforms before February law takes effect
South Korea’s securities industry is intensifying its race to secure an early lead in security tokens, or STOs, before the market enters the regulatory mainstream next February. Mirae Asset Group has taken control of Korbit, while Korea Investment & Securities, Samsung Securities and Hanwha Investment & Securities have also invested in major cryptocurrency exchanges. Exchange stakes do not automatically grant authority in the security-token business, but brokerages aim to use related technology and infrastructure in broader digital-asset ventures.
Korbit Begins Anew as Digital X Under Mirae Asset
Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, completed its purchase of the remaining Korbit stake on July 24, raising its ownership to 97.15%, according to the financial investment industry. The company bought 28,495,701 Korbit shares for 141.37 billion won ($102.4 million), becoming the largest shareholder.
A day earlier, Mirae Asset unveiled Korbit’s new name, Digital X, and outlined plans to build an investment ecosystem spanning traditional finance and digital assets.
Park Hyeon-joo, Mirae Asset Group’s global strategy officer, wrote in a letter to employees that Digital X, under the banner of Mirae Asset 3.0, would take the lead in a sweeping wave of change. He added that the company would build a new investment ecosystem centered on tokenization of real-world assets, security tokens, stablecoins, and the integration of traditional and digital assets.
Korea Investment Joins Coinone; Hanwha and Samsung Add to Dunamu Bets
Korea Investment & Securities’ investment in Coinone recently cleared a regulatory hurdle. On July 22, the Financial Intelligence Unit under the Financial Services Commission accepted a filing for a change in Coinone’s largest shareholders involving Korea Investment & Securities and OKX Ventures, the investment arm of global cryptocurrency exchange OKX. The two companies each invested 80 billion won ($58 million) for stakes of about 20%, becoming joint third-largest shareholders.
Korea Investment & Securities plans to combine Coinone’s blockchain technology with its own capabilities in financial product structuring and internal controls to expand into digital-finance businesses including security tokens and stablecoins. In May, it sent requests for proposals to major operators to build its own security-token issuance platform covering conventional financial products such as bonds and money-market funds.
Investment in Dunamu has been concentrated among Hanwha Investment & Securities and Samsung affiliates in finance and information technology. Hanwha Investment & Securities bought an additional 3.90% stake in Dunamu in June for about 597.8 billion won ($433 million). That increased its holding from 5.94% to 9.84%, making it the third-largest shareholder after Dunamu Chairman Song Chi-hyung and Vice Chairman Kim Hyeong-nyeon.
This month, Hanwha also invested about 30 billion won ($21.7 million) in Digital Asset, the operator of the Canton Network, a financial blockchain backed by Goldman Sachs and the Depository Trust & Clearing Corp. It has also made a series of earlier investments in companies tied to digital-asset data, wallets and real-world-asset tokenization. Hanwha is developing a digital-asset platform called DAP for launch next year to support investment in assets including real estate, intellectual property and unlisted shares.
Samsung Securities, Samsung SDS and Samsung Card also decided in May to buy 1.39 million Dunamu shares held by a Kakao affiliate for a combined 612.8 billion won ($444.1 million). The deal would give Samsung Securities a 2% stake, while Samsung SDS and Samsung Card would each hold 1%. Samsung Securities plans to cooperate with Dunamu on security-token issuance and distribution as well as virtual-asset services. Samsung SDS will focus on blockchain-based financial infrastructure, and Samsung Card on payments.
Security-Token Rules Arrive Next February, Fueling Platform Buildout
Revisions to the Electronic Securities Act and the Capital Markets Act, which provide the legal basis for security tokens, passed the National Assembly in January. The amended laws are due to take effect next February, one year after promulgation. They will allow distributed-ledger-based securities ledgers and permit brokerage of investment-contract securities, whose distribution through securities firms had previously been restricted.
Large brokerages are moving not only to acquire stakes in cryptocurrency exchanges but also to build security-token issuance infrastructure. Mirae Asset Securities has completed a security-token mainnet through the Next Finance Initiative, or NFI, a consortium formed with Hana Financial Group and SK Telecom. Samsung Securities has also recently sent requests for proposals to major operators to build its own security-token platform.
Shinhan Securities signed a memorandum of understanding in February with Nextrade and seven major fractional-investment companies to cooperate on issuance and distribution in the fractional-investment market. NH Investment & Securities is preparing its business through the STO Vision Group, which includes 12 companies such as NongHyup Bank and K Bank. KB Securities is pursuing tokenization of traditional financial assets including corporate bonds, funds and trust beneficiary certificates.
In the secondary market, KDX and the NXT consortium are competing after receiving preliminary approval in February for over-the-counter fractional-investment exchanges. Both aim to apply for full approval in August and are building trading systems.
For now, brokerages remain in the market-entry phase, focused on buying exchange stakes and building platforms. For the security-token market to take root, the industry will need a steady supply of investable products and a reliable framework for valuing underlying assets.
Lee Jeong-hwan, a professor in the division of economics and finance at Hanyang University, said amendments to the Electronic Securities Act and the Capital Markets Act have made the formal adoption of security tokens more tangible, prompting brokerages to treat the sector as a future growth business and move early to capture market share. More competition among securities firms could broaden the range of products and services available to investors while lowering fees, he added.
Lee also said investors should remain cautious because many security tokens are backed by assets that are harder to value than shares in listed blue-chip companies such as Samsung Electronics and SK Hynix. Investors need to look beyond the name recognition of brokerages and platforms and closely examine the value of the underlying asset, the profit structure and the likelihood of trading.
Kim Yeon-ji, Hankyung.com reporter kongzi@hankyung.com