Dunamu and NAVER's Stock Swap Faces Shareholding Regulatory Conflicts

The Legislative Investigation Office of the National Assembly of South Korea has revealed that the stock swap transaction between Dunamu, the parent company of Upbit, and a subsidiary of NAVER may face requirements under the Fair Trade Act regarding the minimum shareholding ratio for subsidiaries, as well as restrictions on the maximum shareholding for major shareholders of virtual asset trading platforms. If NAVER Pay transitions to a holding company in the future and incorporates the trading platform as a subsidiary, it may need to adjust its governance structure. According to the Fair Trade Act, a holding company must hold at least 30% of the shares in listed subsidiaries and at least 50% in non-listed subsidiaries; the shareholding ratio for venture capital holding companies must be no less than 20%.

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