On July 2, 2026, the Korea Exchange (KRX) implemented revised listing rules for KOSDAQ that directly target technology-special-listed companies seeking to pivot into digital asset treasury or investment businesses. The new measures subject any firm that changes its core business within five years of its initial public offering to a formal delisting review, closing a loophole that allowed tech-qualified companies to transform into crypto investment vehicles after raising public capital.
The tech-exception program, introduced in 2015, permitted firms with strong technical potential but limited revenue to access capital while enjoying a three- to five-year grace period against certain delisting requirements. However, data from the Financial Supervisory Service (FSS) show that 79.1% of companies using the tech-exception process between 2022 and 2024 failed to meet their revenue and operating profit projections, and 88.6% of the 105 KOSDAQ companies that qualified for IPO pricing based on 2022–2024 projections relied on this pathway.
The KRX cited a biotechnology firm that, after listing, transferred operational control to an overseas digital asset entity, undermining the technical growth rationale for its listing approval. Under the new framework, any shift toward crypto-related activities will trigger a substantive listing review. In addition, companies placed under delisting review must now publish detailed plans to enhance corporate value, replacing the previous unconditional exemption.
The reforms also accelerate delisting timelines: the substantive review process was shortened from three stages to two, and the maximum improvement period was halved from two years to twelve months. New market capitalization thresholds add further pressure — KOSDAQ-listed firms must maintain a minimum market cap of 20 billion won for the second half of 2026, rising to 30 billion won starting January 2027. Falling below the threshold for 30 consecutive trading days results in a “managed stock” designation and a 90-day correction window before delisting. At the end of June 2026, Bitmax was non-compliant with a market cap of 13.1 billion won, while Bitplanet and Parataxis Ethereum sat above the current floor but below the 2027 requirement.
Kim Sung-cheon, head of KRX’s disclosure systems team, projected during KOSDAQ’s 30th anniversary that around 50 companies could be delisted due to the market cap adjustment alone, with processes likely starting in August 2026. The exchange also established an independent disclosure system for firms with low price-to-book ratios and plans to add specific review criteria for sectors such as advanced robotics, cybersecurity, and Korean content later this year.
