What Mirae Asset's Korbit acquisition means for Korea

South Korea's Fair Trade Commission has cleared Mirae Asset Consulting, the de facto holding company of the Mirae Asset Financial Group, to acquire a 92.06% stake in local cryptocurrency exchange Korbit. The approval, granted earlier this month, marks the first time a traditional financial group in South Korea has taken a controlling interest in a digital asset exchange.

Korbit is a relatively small player in the Korean crypto market, holding a market share of only about 0.5%. The FTC justified the decision by stating that the acquisition would foster competition and innovation in the digital finance sector. The regulator noted that the deal represents a restructuring of the digital finance market and could lead to better financial services.

The move signals a gradual relaxation of strict regulatory barriers that have historically separated traditional financial institutions from the crypto industry in South Korea. Financial Services Commission Chairman Lee Eok-won said in May that authorities are assessing the changing global regulatory landscape as legislation evolves worldwide.

Local brokerages and banks have been steadily increasing their exposure to crypto exchanges, but mostly through minority stakes. Samsung Securities and its affiliates acquired a 4% stake in Dunamu, operator of the country's largest exchange Upbit. Hanwha Investment & Securities raised its Dunamu stake to 9.84%, while Hana Bank holds 6.55%. Korea Investment & Securities owns a 20% stake in Coinone, and Bithumb has attracted interest from firms like Kiwoom Securities.

Spotlight on the Naver-Dunamu Deal

The Korbit approval has drawn fresh attention to a separate pending transaction: the proposed merger between Dunamu and Naver Financial, which filed for antitrust review in November last year. The deal has been delayed twice, with the expected closing date pushed to the end of December.

Unlike the Korbit case, the Naver-Dunamu merger faces greater scrutiny because both companies are dominant in their respective markets. Upbit commands nearly 70% of South Korea's crypto exchange volume, while Naver Financial is the country's largest digital payments platform. The FTC is expected to assess the broader ecosystem implications, including the potential creation of an integrated platform linking crypto assets with real-world financial services.

Naver's recent investment in U.S. stablecoin payments platform Rain, through its Silicon Valley arm Naver Ventures, has fueled speculation that the company is building infrastructure for digital-asset-powered e-commerce ahead of the planned merger with Dunamu.