South Korea's Mirae Asset Group, a global asset manager overseeing approximately $418 billion, has made a significant move into the cryptocurrency sector by acquiring a 92.06% stake in Korbit, one of the country's licensed exchanges, for about $93 million in cash.
The acquisition, approved by Mirae's board on February 5, involves the purchase of 26.9 million Korbit shares primarily from major shareholders NXC and its subsidiary Simple Capital Futures (which together held roughly 60.5%) and SK Square (which controlled approximately 31.5%). The deal is expected to close within seven business days once regulatory and contractual conditions are satisfied, granting Mirae effective management control of the exchange.
Mirae structured the transaction through its non-financial affiliate, Mirae Asset Consulting, a strategic move to navigate South Korea's regulatory separation between traditional financial institutions and crypto operations. The group stated the acquisition aims to "secure future growth drivers through digital-asset businesses" and provides it with licensed digital-asset infrastructure in one of Asia's most tightly regulated crypto markets.
Korbit, founded as South Korea's first cryptocurrency exchange, currently holds a full operating license under the country's strict framework, which requires comprehensive AML and KYC compliance. Despite its licensed status, Korbit represents a smaller share of the domestic market, with recent 24-hour trading volume near $60 million, significantly below leaders Upbit and Bithumb. Financially, the exchange has returned to profitability, reporting approximately 8.7 billion KRW in revenue and 9.8 billion KRW in net profit in its latest fiscal year.
The acquisition occurs against a backdrop of intensified regulatory scrutiny in South Korea. Following a recent incident at Bithumb involving a wrongful Bitcoin payment worth around $42.7 million, financial authorities are moving to more closely regulate exchanges. Financial Supervisory Service Governor Lee Chan-jin stated that internal control and risk standards across the crypto market are still insufficient, emphasizing that "only when actual holdings match book balances in real time can system stability be secured."
Authorities plan to incorporate stricter measures into the second-stage legislation of the Digital Asset Basic Act, including mandatory periodic third-party checks and strict liability for damages from system accidents. Financial Services Commission Vice Chairman Kwon Dae-young confirmed, "We will reflect internal control standards and the like in the second-stage legislation and prepare to give them binding force."
The regulatory climate is also affecting banking partnerships crucial for exchanges. South Korean banks Kakao Bank, KBank, and Kookmin Bank, which provide real-name account services to exchanges like Coinone, Bithumb, and Upbit, are closely monitoring the situation and considering contract renewals. Banks are concerned about reputational risk, with Kookmin Bank specifically demanding that Bithumb strengthen its internal controls.
This transaction reflects a broader trend of traditional financial groups entering digital-asset markets via acquisitions in regulated jurisdictions, reducing licensing uncertainty while expanding institutional participation. For Mirae, it offers direct infrastructure exposure rather than building an exchange organically. The deal signals continued convergence between TradFi capital and regulated crypto platforms in Asia's mature markets, accelerating the institutionalization of South Korea's crypto sector amid consolidation and strict oversight.
