South Korea Reviews Hana Bank’s $668 Million Dunamu Stake Under Crypto Banking Rules

Hana Bank’s planned purchase of a 6.55% stake in Dunamu, the company behind the country’s largest cryptocurrency exchange, Upbit. The deal, valued at around 1 trillion won, or nearly $668 million, is being examined under rules linked to the country’s “banking-commerce separation” framework.

Regulators are reportedly assessing whether Hana Bank’s purchase of Dunamu shares from Kakao Investment should be treated the same as a direct investment in the crypto exchange operator. Financial authorities are expected to apply similar standards despite the shares not being acquired directly from Dunamu.

Banking and Crypto Ownership Rules Face Fresh Scrutiny

South Korea has long maintained restrictions designed to limit ownership ties between traditional financial institutions and commercial businesses. Crypto firms like Dunamu exist in a regulatory gray area because virtual asset companies are not officially classified as financial institutions.

Officials reportedly noted that many crypto-related ownership restrictions are based more on supervision and policy interpretation than direct legal requirements.

Growing Institutional Interest in South Korea Crypto Market

Hana Bank’s planned investment reflects increasing interest from traditional financial groups in South Korea’s digital asset market. If completed, the purchase would make Hana Bank the fourth-largest shareholder in Dunamu.

The move follows broader activity in the sector, including Mirae Asset’s investment in Korbit and reported talks involving OKX and Korea Investment & Securities for stakes in Coinone. At the same time, lawmakers continue discussing new crypto legislation that could establish clearer rules for digital assets and virtual asset businesses.