South Korea’s financial regulator is reviewing Hana Bank’s planned acquisition of a stake in Dunamu, the operator of the country’s largest crypto exchange, Upbit, as authorities assess whether the deal conflicts with long-standing restrictions separating banks from commercial businesses.
Plot twist on the Hana-Dunamu deal.
Korea’s FSC is now reviewing whether Hana Bank’s ₩1 trillion acquisition of Dunamu’s 6.55% stake violates the “financial-crypto separation” rule, a regulatory guideline that has restricted financial institutions from holding crypto exchange…
— Tony Chung (@jayc_BM) May 18, 2026
According to local reports, Hana Bank plans to acquire a 6.55% stake in Dunamu from Kakao Investment in a deal valued at around 1 trillion won ($700 million). If completed, the transaction would make Hana one of Dunamu’s largest shareholders and give the bank direct exposure to South Korea’s crypto sector.
Banking-crypto ownership rules come under spotlight
Although the shares are being purchased from Kakao Investment rather than directly from Dunamu, officials at South Korea’s Financial Services Commission (FSC) reportedly said the transaction carries the same characteristics as an investment in the crypto exchange operator and is therefore being reviewed under the same standards.
The review is centred on South Korea’s banking-commerce separation framework, which limits banks from holding interests in certain non-financial businesses. Crypto exchange operators remain a regulatory grey area in the country because they are not fully classified as traditional financial institutions under existing rules.
South Korea has also maintained strict guidance since 2017, restricting financial firms from buying, holding, pledging, or investing in virtual assets and related exchange businesses.
Regulators reportedly said there are currently no direct plans to ease those restrictions despite growing institutional interest in digital assets. The deal is expected to close on June 15, pending approvals.
Korean financial firms increase exposure to the crypto sector
Hana Bank’s move reflects broader efforts by major financial and technology companies in South Korea to deepen their presence in the crypto market.
Dunamu is also progressing with its planned merger with Naver Financial, a transaction previously reported at a valuation of 15.13 trillion won. The deal still requires regulatory review.
Upbit remains the dominant exchange in South Korea, with reports placing its market share at 70%-80% of the country’s virtual asset trading activity.
South Korea expands crypto framework with tokenized securities push
The latest review comes as South Korea moves ahead with wider digital asset reforms.
The FSC is preparing detailed rules for tokenized securities expected to be released in July ahead of amended regulations scheduled to take effect in February 2027.
The framework is expected to cover blockchain-based stocks, bonds, and other tokenized investment products as the country expands its regulated crypto and digital asset market.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools
