South Korea's Fair Trade Commission approved Mirae Asset Consulting's acquisition of 92.06% of cryptocurrency exchange Korbit on July 9. The ruling marks the first time a subsidiary of a major Korean financial group has been permitted to buy a licensed digital asset exchange. Mirae Asset Consulting is paying 133.4 billion won, approximately $97.9 million, for 26.9 million Korbit shares according to regulatory filings. The KFTC based its approval on Korbit's limited market presence, as the exchange ranks fourth among South Korea's five licensed won-denominated crypto exchanges and accounts for roughly 0.5% of national trading volume according to Bloomingbit.
KFTC Cites Korbit's 0.5% Market Share in Approval Decision
Korbit accounts for roughly 0.5% of national trading volume according to Bloomingbit. By comparison, Upbit controls approximately 69% of the market, Bithumb holds about 28%, Coinone sits near 2%, and Gopax trails at roughly 0.1%.
The commission examined two specific competition risks: whether Mirae Asset could leverage the acquisition to build a combined stock-and-crypto platform that would disadvantage competing securities firms, and whether a crypto exchange-traded fund backed by Korbit's infrastructure could crowd out rival asset managers. The regulator concluded that neither concern was credible at Korbit's current scale.
A commission official stated that Korbit's liquidity level is "insufficient to cause anticompetitive effects" according to Chosunbiz. The finding effectively set a low-market-share threshold for future TradFi-crypto acquisitions in the country.
Mirae Asset Routes Purchase Through Non-Financial Subsidiary
Korean law prohibits regulated banks, insurance companies, and securities firms from directly owning cryptocurrency businesses. Mirae Asset navigated the restriction by routing the purchase through Mirae Asset Consulting, a non-financial subsidiary whose revenue comes from hotel operations rather than any investment securities activity.
The structure preserved the regulatory wall between traditional finance and digital assets while still giving the broader Mirae Asset group a foothold inside the crypto exchange sector. The sellers included NXC, the holding company behind game maker Nexon, and SK Square according to Ledger Insights.
Bitstamp, the exchange owned by Robinhood, appears to retain the remaining roughly 8% stake in Korbit. Mirae Asset did not win a change in Korean financial law but found a compliant path through existing rules.
Acquisition Forms Part of Mirae Asset 3.0 Digital Strategy
The acquisition slots into what Mirae Asset's securities arm has called "Mirae Asset 3.0," a strategy announced this year to integrate digital assets into the group's traditional finance business.
Owning a licensed exchange gives Mirae Asset a regulated base from which to explore tokenized securities, digital wallets, and potential crypto ETF infrastructure without waiting for Korean financial regulators to rewrite the separation rules.
Coinone, the third-largest Korean exchange, is already searching for a buyer according to CoinMarketCap. The KFTC framed the outcome as a catalyst for competition rather than a risk, stating it hopes the acquisition will invigorate the digital finance market through service innovation according to DigitalToday.
FAQ
What did Mirae Asset Consulting acquire on July 9?
South Korea's Fair Trade Commission approved Mirae Asset Consulting's acquisition of 92.06% of cryptocurrency exchange Korbit on July 9. Mirae Asset Consulting is paying 133.4 billion won, approximately $97.9 million, for 26.9 million Korbit shares according to regulatory filings.
Why did the KFTC approve the Korbit acquisition?
The KFTC based its approval on Korbit's limited market presence. Korbit ranks fourth among South Korea's five licensed won-denominated crypto exchanges and accounts for roughly 0.5% of national trading volume according to Bloomingbit. A commission official stated that Korbit's liquidity level is "insufficient to cause anticompetitive effects" according to Chosunbiz.
How did Mirae Asset comply with Korean financial law in the acquisition?
Korean law prohibits regulated banks, insurance companies, and securities firms from directly owning cryptocurrency businesses. Mirae Asset navigated the restriction by routing the purchase through Mirae Asset Consulting, a non-financial subsidiary whose revenue comes from hotel operations rather than any investment securities activity.
