Regulators assess compliance with banking-commerce separation rules amid Hana Bank’s planned investment in Upbit operator Dunamu.
South Korea’s financial regulators are reviewing Hana Bank’s proposed $93 million stake in Dunamu, operator of crypto exchange Upbit, under banking-commerce separation rules. The deal would position Hana Bank as the fourth-largest shareholder in Dunamu, raising regulatory concerns over ties between traditional banks and crypto firms.
Current rules limit ownership links between financial institutions and non-financial businesses, though crypto firms like Dunamu operate in a regulatory gray area. The Financial Services Commission has indicated these constraints stem from policy and supervision rather than explicit legislation, leaving room for interpretation.
The review coincides with broader regulatory efforts, including a proposed Digital Asset Basic Act, as financial groups expand into South Korea’s tightly controlled crypto market. Mirae Asset’s 133.5 billion won acquisition of Korbit in February underscores the trend.