South Korean financial giant Mirae Asset buys 92% stake in Korbit crypto exchange

South Korean financial giant Mirae Asset Financial Group, through its consulting arm, announced the purchase of a controlling 92.06% stake in the Korbit cryptocurrency exchange for 133.5 billion Korean won ($92.27 million). The shares were acquired from previous major shareholders, including NXC and SK Group subsidiaries. Mirae Asset stated the acquisition is intended to secure future growth momentum based on digital assets, aligning with its "Mirae Asset 3.0" strategy to integrate digital assets into traditional finance. This move follows similar consolidation trends, such as Naver's financial arm acquiring Upbit's parent company. The acquisition positions Mirae Asset to benefit from South Korea's new tokenized securities framework, though potential future regulatory hurdles exist, as authorities may impose ownership caps under the forthcoming Digital Asset Basic Act.

(Source：The Block)