Mirae Asset Expands Digital Asset Business After Acquiring Korbit [Crypto Briefing]

[Financial News] Mirae Asset Financial Group has secured a foundation to expand its virtual asset business after its affiliate Mirae Asset Consulting won approval to acquire Korbit. The Korea Fair Trade Commission (KFTC) approved the merger, saying the acquisition of a 92.06% stake in Korbit is unlikely to significantly restrict competition in the relevant market. Although Mirae Asset Consulting is the direct acquirer, the group's financial affiliates, Mirae Asset Securities and Mirae Asset Global Investments Co., Ltd., are also expected to broaden their potential links to future virtual asset businesses.
On the 9th, the KFTC said it had approved the merger in which Mirae Asset Consulting acquires a 92.06% stake in Korbit for about 133.4 billion won. Mirae Asset Consulting is a non-financial affiliate whose revenue mainly comes from hotel operations. Mirae Asset Securities and Mirae Asset Global Investments Co., Ltd. are among Mirae Asset Financial Group's financial affiliates.
Korbit is a won-based virtual asset exchange, or won market. Under the Act on Reporting and Using Specified Financial Transaction Information, it must meet requirements such as information security management system certification and real-name deposit and withdrawal account linkage to receive approval from financial authorities for won-based trading. The won markets that meet these requirements are Upbit, Bithumb, Coinone, Korbit and GOPAX. Upbit (Dunamu Inc.) and Coinone are currently seeking business partnerships with NAVER Financial Corporation (Naver) and Korea Investment & Securities Co., Ltd., respectively.
The key issue in the KFTC review was whether the combination of the securities and asset management sectors with a virtual asset exchange could restrict competition in the existing financial market. In the end, the commission concluded that the likelihood of such restrictions was low. Based on virtual asset trading volume last year, market shares were 69% for Upbit, 28% for Bithumb, 2% for Coinone, 0.5% for Korbit and about 0.1% for GOPAX. For competition concerns to materialize, Korbit would need to secure sufficient liquidity, but the KFTC said its current level of liquidity is not enough to create anti-competitive effects.
This approval marks the first case in which a financial group affiliate has acquired a virtual asset exchange amid the growing convergence of traditional finance and virtual asset trading platforms. However, the KFTC's decision is limited to merger review approval. Whether securities and virtual asset integrated services will be launched in the future, or whether a virtual asset-based exchange-traded fund (ETF) business will be commercialized, will depend on financial regulations and market conditions.
Mirae Asset Financial Group plans to gradually roll out digital financial services such as stablecoins, real-world asset tokenization (RWA), and digital payments and custody, in line with future regulatory reforms including the General Act on Digital Assets and Security Token Offering (STO) rules. As legal changes expand corporate participation in the virtual asset market, the group also intends to provide comprehensive services for institutional and corporate clients, including research, investment information, asset custody, security and operational support.
Industry observers say the KFTC's approval could accelerate the entry of financial groups into the virtual asset business. An industry source said, "Market competition will intensify as laws and regulations evolve," adding, "The business results of Mirae Asset and Korbit's proactive move, including any synergies, will depend on securing corporate and institutional demand, improving investor protection systems and the pace of related regulatory reforms."

elikim@fnnews.com Kim Mi-hee Kim Chan-mi Reporter