Hana Bank’s Proposed 6.55% Dunamu Stake Draws FSC Scrutiny Over Bank–Commerce Rules

Hana Bank’s plan to acquire a 6.55% stake in Dunamu, the operator of South Korea’s leading crypto exchange Upbit, is under review by the Financial Services Commission (FSC) as regulators weigh how bank–commerce separation rules apply to crypto-related investments. Hana has agreed to purchase the shares from Kakao Investment. Regulatory filings value the transaction at about 1 trillion won (around $668–700 million). If the deal closes, Hana would become Dunamu’s fourth-largest shareholder, while Kakao Investment’s stake would fall to 4.03%. The FSC is examining whether the purchase breaches restrictions that limit banks’ ownership of certain non-financial business interests. Although the shares are being bought from an existing shareholder rather than issued by Dunamu, an FSC official said the transaction is effectively an investment in Dunamu and will be assessed on the same basis. Crypto exchanges have remained a sensitive area for supervisors because they are not treated the same as conventional financial firms. Since 2017, supervisory guidance has constrained financial companies from buying, holding, pledging, or investing in virtual assets and related exchange stakes. The FSC official said authorities are “not directly easing” those rules at this time. The transaction is expected to close on June 15. It comes as Dunamu pursues a planned merger with Naver Financial, which still needs regulatory clearance. Reuters reported last year that Naver Financial agreed to acquire Dunamu in an all-stock deal valued at 15.13 trillion won. Upbit dominates South Korea’s crypto market. Reports cited by Reuters have put its share at about 70%, and later coverage estimated it accounts for more than 80% of the country’s virtual asset trading volume. Separately, South Korea is preparing a new framework for tokenized securities. The FSC plans to publish detailed rules in July ahead of amended laws scheduled to take effect in February 2027. Market participants are watching the FSC review closely, as it could shape how far banks can go in taking direct positions in crypto exchange operators and clarify how existing bank–commerce separation rules apply to digital-asset platforms.