Hana Bank’s Planned Dunamu Stake Purchase Faces Review Under Banking-Commerce Separation Rules
Summary
- The Financial Services Commission said it is reviewing whether Hana Bank’s acquisition of a stake in Dunamu violates the current principle separating banking and commerce.
- Authorities remain cautious about direct investment in virtual assets and exchange equity by financial companies, even as the government gradually allows broader virtual-asset trading by ordinary corporations.
- Hana Bank’s decision to directly acquire a 6.55%% stake in Dunamu is viewed as unusual in the industry, with attention focused on whether the deal will be completed.
Forecast Trend Report by Period
Hana Bank’s planned acquisition of a stake in Dunamu is under review by South Korean financial authorities, casting doubt on whether the deal will proceed.
The Financial Services Commission is examining whether Hana Bank’s proposed purchase of a Dunamu stake breaches the current principle separating banking and commerce, iNews reported on May 18.
An official in the FSC’s virtual-asset division said the regulator is reviewing whether the acquisition falls under those rules. Financial authorities are not currently moving to ease the restrictions, the official said.
Authorities are also said to view the transaction as an effective investment in Dunamu even if Hana Bank were to buy a stake in Kakao Investment instead of purchasing Dunamu shares directly.
The government has restricted financial companies and corporations from participating in virtual-asset trading since 2017, when it introduced emergency measures on virtual currencies and additional steps to curb speculation in digital assets.
At the time, regulators used administrative guidance to ban financial companies from holding or buying virtual assets, taking them as collateral, or investing in the equity of exchange operators, citing the need to prevent risks from spreading between the financial sector and the crypto market.
Since the Virtual Asset User Protection Act took effect in 2024, ordinary corporations have gradually been allowed to trade virtual assets. Authorities have nevertheless remained cautious about direct investment by financial companies.
Mirae Asset Group, for example, is seeking to acquire control of Korbit through Mirae Asset Consulting rather than through Mirae Asset Securities, a financial company. Korea Investment & Securities is also reportedly considering an indirect structure rather than direct participation as it reviews an investment in Coinone.
Against that backdrop, Hana Bank’s decision to directly acquire a 6.55% stake in Dunamu has been viewed as unusual in the industry.
Hana Bank recently announced that it would acquire the Dunamu stake held by Kakao Investment. If completed, the deal would make Hana Bank Dunamu’s fourth-largest shareholder.
