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South Korea\u2019s Financial Services Commission is reviewing Hana Bank\u2019s plan to buy a 6.55% stake in Dunamu, the operator of Upbit.\u00a0<\/strong><\/p>\n <\/p>\n iNews24 reported<\/a> that the regulator is checking whether the deal falls under rules that separate banks from commercial businesses.<\/p>\n The report said Hana Bank is buying the shares from Kakao Investment, not directly from Dunamu. Still, an FSC official said the deal has the same nature as an investment in Dunamu. The official said regulators are looking at it under the same standard.<\/p>\n <\/p>\n The review centers on South Korea\u2019s \u201cbanking-commerce separation\u201d approach. The rule limits banks from holding certain non-financial business interests. Crypto exchange operators sit in a sensitive area because they are not treated like ordinary financial firms under current rules.<\/p>\n The iNews24 report said South Korea has restricted financial companies from buying, holding, pledging or investing in virtual assets and related exchange stakes through supervisory guidance since 2017. The official also said authorities are \u201cnot directly easing\u201d the rule at this stage.<\/p>\n Moreover, Hana Bank recently agreed to buy Kakao Investment\u2019s 6.55% Dunamu stake. Reuters reported<\/a> that the transaction is worth 1 trillion won, or about $700 million, based on company filings. Kakao Investment\u2019s holding would fall to 4.03% after the sale.<\/p>\n crypto.news reported that Hana would become Dunamu\u2019s fourth-largest shareholder after the deal. The same report said the transaction is expected to close on June 15 and gives Hana direct exposure to South Korea\u2019s largest crypto exchange operator.<\/p>\n Hana\u2019s move comes as major Korean finance and technology groups move closer to crypto businesses. crypto.news reported that the deal also comes as Dunamu works through its planned merger with Naver Financial, which still needs reviews.<\/p>\n\n
Bank-commerce rules remain the key issue<\/strong><\/h2>\n
South Korea\u2019s crypto finance push grows<\/strong><\/h2>\n