The Korean FSC is currently reviewing whether Hana Bank’s acquisition of Dunamu shares violates regulatory rules.

Breaking News from Mars Finance, according to iNews24, the Financial Services Commission (FSC) of South Korea is reviewing whether Hana Bank’s acquisition of Dunamu shares violates the regulatory rules on “separation of finance and virtual assets.” The Virtual Assets Department of the FSC said that Hana Bank indirectly holds equity in Dunamu by acquiring Kakao Investment shares, which in substance amounts to an investment in a virtual asset exchange, and it will be reviewed under the same standards. Since 2017, the South Korean government has prohibited financial institutions from holding or purchasing virtual assets, or making equity investments, through administrative guidance. If Hana Bank is found to have violated the rules this time, it may be unable to complete the transaction. Future Asset Consulting is also progressing its acquisition of Kobit’s operating rights, and Korea Investment Securities is taking a cautious stance. Hana Bank previously announced its acquisition of a 6.55% stake in Dunamu, but did not hold consultations with the authorities in advance. As of now, the “separation of finance and virtual assets” provisions have not yet been codified into law, and it remains unclear whether the related clauses will be included in the Digital Assets Act; legislative discussions will most likely move forward after the National Assembly reconvenes in September.