Did South Korea's FSC review whether Hana Bank's acquisition of Dunamu shares violates regulatory rules?

ME News message: On May 18 (UTC+8), South Korea’s Financial Services Commission (FSC) is reviewing whether Hana Bank’s acquisition of Dunamu shares violates the regulatory rules on “separation of finance and virtual assets.” The FSC’s virtual asset department said that Hana Bank indirectly holds equity in Dunamu by acquiring Kakao Investment shares; in essence, this constitutes an investment in a virtual asset trading platform, so it will be reviewed under the same regulatory standards. The report notes that since 2017, the South Korean government has been using administrative guidance to restrict financial institutions from holding or purchasing virtual assets, or from making equity investments in related companies. If the transaction is ultimately determined to be in violation, Hana Bank’s related deal may not be completed.

In addition, Future Asset Consulting is currently also pushing forward with the acquisition of Kobit’s operating rights, while Korea Investment & Securities remains cautious about the related business. Hana Bank previously announced a plan to acquire about 6.55% of Dunamu’s shares, but did not consult with the relevant regulators in advance. (Source: ODAILY)