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The proposed 20% limit on major shareholder stakes in the Digital Asset Act had stalled the merger between Dunamu and Naver, but the government and National Assembly are now considering regulating stakes based on actual control, separating them for assessment, which is expected to clear the way for the merger.

Digital Asset Act Regulations and Merger Uncertainty

As regulations related to the Digital Asset Act were pursued, a plan to limit major shareholder stakes in virtual asset exchanges to 20% was discussed. If this regulation were applied as is, it was anticipated to disrupt the merger between Dunamu, the operator of Upbit, and Naver Financial. Currently, Dunamu Chairman Song Chi-hyung holds approximately 19.5% of the shares, Vice Chairman Kim Hyeong-nyeon holds about 10%, and Naver holds about 17%. In a structure where the merged entity fully owns Dunamu, all could have been subject to the regulation.

Review of Separate Equity Limits Based on Actual Control

However, the government and the National Assembly are considering a plan to focus equity regulation not on simple numerical figures but on actual control. This involves a 'separate limit' approach, where Dunamu's stake and Naver's stake are not viewed as a single block but are limited separately. This opens up the possibility of interpreting the Dunamu owner and Naver as distinct entities, thus avoiding the regulatory threshold. Consequently, the realistic scenario is predicted to be the potential loss of some shares rather than a merger collapse. The application of relaxed regulations for new establishments/mergers and a grace period of up to 6 years are also under discussion. This strengthening of equity regulations arose in the context of increased 'owner regulation' after the Bithumb incident, but concerns exist about a potential backlash across the entire fintech industry.

*Source: YouTube: Korea Economic TV (2026-03-10)*

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