South Korea FTC Approves Mirae Asset's 133.4B Won Korbit Acquisition

South Korea's Fair Trade Commission approved Mirae Asset Consulting's acquisition of a 92.06% stake in Korbit, a cryptocurrency exchange, for approximately 133.4 billion won, the regulator announced on the 9th. The FTC determined the transaction would not significantly restrict market competition, citing Korbit's roughly 0.5% share of domestic virtual asset trading volume. This marks the first instance of a financial group affiliate acquiring a cryptocurrency exchange in South Korea, where only five won-based exchanges currently operate under licensing.

Mirae Asset Consulting Acquires 92.06% Stake in Korbit for 133.4 Billion Won

Mirae Asset Consulting, a non-financial affiliate of the Mirae Asset conglomerate that derives most revenue from hotel operations, is acquiring 92.06% of Korbit's equity for approximately 133.4 billion won. Korbit operates a won-denominated virtual asset exchange platform. South Korea's licensed cryptocurrency exchange market consists of only five operators: Upbit, Bithumb, Coinone, Korbit, and Gopax.

FTC Cites Korbit's 0.5% Market Share in Approval Decision

The FTC identified two hybrid mergers resulting from the acquisition: one between securities business and virtual asset exchange operations, and another between asset management and virtual asset exchange operations. The regulator assessed that neither merger would significantly restrict competition, as Korbit holds approximately 0.5% of the domestic virtual asset trading volume.

Acquisition Represents First Financial Group Entry into South Korean Crypto Exchange Market

The FTC's approval establishes the first precedent of a financial group affiliate acquiring a cryptocurrency exchange in South Korea. No prior transactions of this structure had received regulatory clearance in the country's virtual asset sector.

FAQ

What did South Korea's Fair Trade Commission approve on the 9th?
The FTC approved Mirae Asset Consulting's acquisition of a 92.06% stake in Korbit, a cryptocurrency exchange, for approximately 133.4 billion won.

Why did the FTC approve the Mirae Asset-Korbit acquisition?
The FTC determined the transaction would not significantly restrict market competition because Korbit holds only about 0.5% of South Korea's virtual asset trading volume.

How many licensed cryptocurrency exchanges operate in South Korea?
South Korea has five licensed won-based cryptocurrency exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.