South Korea’s Financial Services Commission is reviewing Hana Bank’s plan to buy a 6.55% stake in Dunamu, the operator of Upbit.
Summary
- Hana Bank’s Dunamu stake faces review because banks remain limited in owning crypto-linked businesses directly.
- The deal would make Hana Bank Dunamu’s fourth-largest shareholder if regulators allow completion in June.
- crypto.news said Hana’s move follows Naver, Mirae and OKX-linked positioning across South Korea’s crypto market.
iNews24 reported that the regulator is checking whether the deal falls under rules that separate banks from commercial businesses.
The report said Hana Bank is buying the shares from Kakao Investment, not directly from Dunamu. Still, an FSC official said the deal has the same nature as an investment in Dunamu. The official said regulators are looking at it under the same standard.
Bank-commerce rules remain the key issue
The review centers on South Korea’s “banking-commerce separation” approach. The rule limits banks from holding certain non-financial business interests. Crypto exchange operators sit in a sensitive area because they are not treated like ordinary financial firms under current rules.
The iNews24 report said South Korea has restricted financial companies from buying, holding, pledging or investing in virtual assets and related exchange stakes through supervisory guidance since 2017. The official also said authorities are “not directly easing” the rule at this stage.
Moreover, Hana Bank recently agreed to buy Kakao Investment’s 6.55% Dunamu stake. Reuters reported that the transaction is worth 1 trillion won, or about $700 million, based on company filings. Kakao Investment’s holding would fall to 4.03% after the sale.
crypto.news reported that Hana would become Dunamu’s fourth-largest shareholder after the deal. The same report said the transaction is expected to close on June 15 and gives Hana direct exposure to South Korea’s largest crypto exchange operator.
South Korea’s crypto finance push grows
Hana’s move comes as major Korean finance and technology groups move closer to crypto businesses. crypto.news reported that the deal also comes as Dunamu works through its planned merger with Naver Financial, which still needs reviews.
Reuters reported in November that Naver Financial agreed to acquire Dunamu in an all-stock deal valued at 15.13 trillion won. Reuters also noted that Upbit held about 70% market share, according to some reports, while crypto.news later cited Reuters in saying Upbit handles more than 80% of South Korea’s virtual asset trading volume.
South Korea is also preparing new rules for tokenized securities. crypto.news reported that the FSC plans to release detailed tokenized securities rules in July before amended laws take effect in February 2027.
