Hana Bank’s Dunamu Stake Purchase Faces Review Under Korea’s Separation of Finance and Industry Rules

Hana Bank’s planned acquisition of a stake in Dunamu is under review by South Korean financial authorities, putting the deal’s prospects in focus.

The Financial Services Commission is examining whether Hana Bank’s purchase of a Dunamu stake would run afoul of the current principle separating finance and industry, iNews reported on May 18.

An official in the FSC’s virtual-asset division said authorities are reviewing whether Hana Bank’s acquisition falls under the separation issue. Regulators are not currently moving to ease the related rules, the official added.

Authorities also appear to view the transaction as effectively an investment in Dunamu even if Hana Bank opts for a structure in which it acquires a stake in Kakao Investment instead of buying Dunamu shares directly, according to the report.

The government has restricted participation by financial companies and corporations in virtual-asset trading since 2017 through emergency measures on virtual currencies and broader steps aimed at curbing crypto speculation.

At the time, financial authorities used administrative guidance to bar financial companies from holding or buying virtual assets, taking them as collateral, or investing in exchange operators, citing the need to block risks from spreading between the financial sector and the crypto market.

Since the Virtual Asset User Protection Act took effect in 2024, ordinary corporations have gradually been allowed to trade virtual assets. Regulators, however, have maintained a cautious stance on direct investment by financial companies.

Mirae Asset Group, for example, is seeking control of Korbit through Mirae Asset Consulting rather than through financial affiliate Mirae Asset Securities. Korea Investment & Securities is also reportedly considering an indirect structure instead of participating directly as it reviews an investment in Coinone.

Against that backdrop, Hana Bank’s decision to directly acquire a 6.55% stake in Dunamu has been viewed in and outside the industry as unusual.

Hana Bank recently announced that it would acquire Dunamu shares held by Kakao Investment. If the deal closes, Hana Bank would become Dunamu’s fourth-largest shareholder.