South Korean financial firms and cryptocurrency exchanges are forming strategic partnerships as the Fair Trade Commission approved Mirae Asset Consulting's acquisition of approximately 92% of Korbit's shares. The approval allows Mirae Asset to implement digital asset strategies while competitors including Dunamu-Naver and Korea Investment & Securities-Coinone await regulatory decisions or execute investment plans. These partnerships emerge as the industry shifts focus from pure trading volume competition—where Upbit holds approximately 69% market share based on last year's trading volume—toward building comprehensive digital asset platforms capable of handling tokenized securities, real-world assets, and corporate clients. The regulatory approval timeline has become a critical factor, with Dunamu and Naver Financial's comprehensive stock exchange delayed from September to December as authorities review the combination of the country's largest crypto exchange and largest simple payment platform.
Mirae Asset Receives Fair Trade Commission Approval for Korbit Acquisition
The Fair Trade Commission approved Mirae Asset Consulting's corporate combination review for acquiring Korbit, enabling the financial group to execute digital asset strategies. Mirae Asset secured approximately 92% of Korbit's shares, effectively obtaining management control of the exchange. This structure differs from other securities firms that acquired only partial stakes in exchanges.
Mirae Asset has prepared digital asset and tokenization businesses most actively among domestic securities firms. The company issued digital bonds in Hong Kong and launched MAPS, a platform trading both stocks and digital assets. Industry observers expect Korbit to become a core base implementing Mirae Asset's digital asset platform strategy beyond simple exchange operations.
An industry official stated that the fastest changes will occur at Korbit, noting that Mirae Asset can make decisions directly regarding the exchange and has been the most aggressive securities firm in preparing digital asset initiatives.
Dunamu Maintains Market Dominance as Naver Partnership Awaits Regulatory Review
Upbit operated by Dunamu accounts for approximately 70% of domestic cryptocurrency trading volume based on last year's data. Market share figures show Upbit at approximately 69%, Bithumb at approximately 28%, Coinone at approximately 2%, Korbit at approximately 0.5%, and Gopax at approximately 0.1%.
The Dunamu-Naver Financial partnership remains under Fair Trade Commission review. Authorities are examining the market competition impact of combining the country's largest cryptocurrency exchange operator with the largest simple payment platform operator. The comprehensive stock exchange schedule between the two companies was postponed from September to December due to the regulatory review process.
A securities industry official noted that Dunamu-Naver's greatest strength lies in their overwhelming user base and liquidity, but added that prolonged reviews provide time for late entrants to establish business foundations.
Korea Investment & Securities Invests in Coinone as Bithumb Seeks Partners
Korea Investment & Securities invested approximately 80 billion won to acquire a 20% stake in Coinone, participating as a strategic investor. Overseas exchange OKX also joined as a strategic investor in Coinone. This partnership structure differs from Mirae Asset's approach as Korea Investment & Securities did not secure management control.
Bithumb, the industry's second-largest player, continues contacts with multiple companies including Kiwoom Securities. Industry observers suggest that securing a financial partner could provide Bithumb with a foundation to pursue Upbit. However, the exchange's complex ownership structure remains a challenge requiring resolution.
Gopax continues addressing normalization issues. Binance received regulatory approval establishing a legal foundation for Korean market entry, but unresolved matters including Gofi debt repayment remain. Industry participants note that while orderbook sharing with Binance could enhance competitiveness, significant regulatory environment challenges must be overcome before realization.
An industry official stated that while Dunamu currently stands as the strongest operator, competitiveness will ultimately depend on how naturally platforms can connect stocks, bonds, tokenized securities, real-world assets, and virtual assets, adding that entirely different competition may begin when corporate markets and digital asset institutionalization fully materialize.
FAQ
What did the Fair Trade Commission approve regarding Mirae Asset and Korbit?
The Fair Trade Commission approved Mirae Asset Consulting's corporate combination review for acquiring Korbit. Mirae Asset secured approximately 92% of Korbit's shares, effectively obtaining management control of the cryptocurrency exchange.
Why was the Dunamu-Naver partnership schedule delayed?
The comprehensive stock exchange schedule between Dunamu and Naver Financial was postponed from September to December because the Fair Trade Commission is reviewing the market competition impact of combining the country's largest cryptocurrency exchange operator with the largest simple payment platform operator.
How much did Korea Investment & Securities invest in Coinone?
Korea Investment & Securities invested approximately 80 billion won to acquire a 20% stake in Coinone as a strategic investor.
