The Korea Fair Trade Commission (KFTC) authorized the acquisition of the cryptocurrency brokerage Korbit by Mirae Asset Consulting, removing the main regulatory obstacle for one of the most significant deals in the digital assets sector in the country. The decision marks the first won-based exchange purchase by a company affiliated with one of South Korea’s largest financial groups.
Under the terms of the transaction, Mirae Asset Consulting will take a 92% stake in Korbit in an agreement valued at approximately 133,4 billion won, equivalent to about US$ 88,5 million. The deal brings the traditional financial market even closer to the cryptocurrency segment, a trend seen in different countries as institutions expand their presence in this sector.
After analyzing the deal, the KFTC concluded that the purchase poses no relevant risks to competition. According to the authority, Korbit has a very small share in the local market, accounting for only 0,5% of the cryptocurrency trading volume recorded in South Korea over the last year.
In the regulator’s assessment, the exchange’s low market representation, combined with the already existing concentration among the country’s main platforms, reduces the likelihood that the acquisition would significantly alter competition among cryptocurrency brokerages.
With the approval, Mirae Asset will be able to integrate Korbit’s services into its investment and wealth management structure. The expectation is that the company will develop solutions that combine traditional financial products with cryptocurrency trading, offering new alternatives for investors interested in digital assets.
The move follows a global trend of banks, asset managers, and crypto-focused companies drawing closer. Large financial institutions have been seeking to expand their presence in this market through acquisitions, strategic partnerships, and the launch of new services aimed at digital assets.
The KFTC also noted that combining Mirae Asset’s and Korbit’s businesses could create room for the development of investment products tied to cryptocurrencies, including futures exchange-traded funds (ETFs) based on these assets.
Despite this potential, the regulator observed that Korbit still needs to expand its liquidity and increase its market share before reaching a scale capable of exerting a more significant influence on the competitive environment among cryptocurrency brokerages in South Korea. Therefore, the approval represents an important step for Mirae Asset’s expansion in the segment, while the exchange gains access to the structure and resources of one of the country’s largest financial conglomerates.