South Korea’s Financial Services Commission (FSC) is closely reviewing Hana Bank’s plan to acquire a 6.55% stake in Dunamu, the operator of the country’s largest cryptocurrency exchange, Upbit. The deal, valued at approximately 1 trillion won (around $670–700 million), would make Hana Bank Dunamu’s fourth‑largest shareholder upon its expected closure on June 15. However, regulators are not willing to wave it through without a thorough assessment under the nation’s finance‑crypto separation rules.
The review focuses on the “banking‑commerce separation” principle, which has been enforced through administrative guidance since 2017. These rules prohibit institutional financial companies from holding, purchasing, acquiring collateral against, or making equity investments in virtual assets. Hana Bank structured the transaction as an indirect acquisition by purchasing shares held by Kakao Investment, rather than directly from Dunamu. An FSC official stated clearly that “even though Hana Bank chose to acquire a stake in Kakao Investment rather than directly acquiring a stake in Dunamu, we are examining it under the same standards as it is essentially an investment in Dunamu.”
The situation is complicated by the fact that the finance‑crypto separation rules are not codified into law. The existing guidance is enforceable yet ambiguous, and legislation to formalize it into a Digital Assets Framework Act has been delayed. The bill did not make the agenda at a recent Political Affairs Committee meeting, and full legislative review is unlikely before the regular National Assembly session in September at the earliest. Personnel changes after upcoming local elections could further restart negotiations.
Other major financial institutions are watching closely. Mirae Asset Group is pursuing a Korbit stake via a consulting subsidiary to navigate the rules, while Korea Investment and Securities is also taking a cautious approach to a potential Coinone investment alongside OKX. For Hana Bank and Dunamu investors, the FSC review introduces genuine completion risk, as the deal cannot be finalized until regulators issue a clear position. The outcome will set a precedent for every future bank‑crypto partnership in South Korea.
