Mirae Asset completes takeover of Korbit

Mirae Asset Group has completed its acquisition of Korbit, placing South Korea’s first cryptocurrency exchange under the control of one of the country’s largest financial conglomerates and accelerating the convergence of traditional finance and digital assets.

Mirae Asset Consulting became Korbit’s largest shareholder after completing regulatory and transaction procedures. The deal gives the group control of more than 90 per cent of the exchange, following an agreement valued at about 133.4 billion won, or roughly $96 million at current exchange rates.

The Korea Fair Trade Commission approved the transaction on 9 July after determining that the combination was unlikely to restrict competition. The approval cleared a major hurdle for an acquisition that represents the first controlling investment in a domestic cryptocurrency exchange by an affiliate of a large traditional financial group.

Korbit said its services would continue without interruption following the ownership change. Customer deposits, virtual assets, personal information and transaction records will remain protected under existing systems and South Korea’s Virtual Asset User Protection Act. Trading, deposits and withdrawals are expected to operate as normal.

Founded in 2013, Korbit was the country’s first platform to offer trading between bitcoin and the Korean won. It later became one of five exchanges permitted to provide won-based cryptocurrency markets under South Korea’s regulated banking and identity-verification system.

The exchange helped establish the country as one of Asia’s most active retail cryptocurrency markets, but it has lost market share to larger rivals. Upbit dominates domestic trading, followed by Bithumb, while Coinone and Korbit operate with significantly smaller volumes. GOPAX is the fifth platform with access to won-denominated trading.

Mirae Asset’s entry gives Korbit access to capital, financial infrastructure and a global distribution network that may help it compete more effectively. The group operates businesses spanning asset management, securities, insurance, venture capital and exchange-traded funds, with operations across major financial centres.

The acquisition also offers Mirae Asset a regulated base from which to expand into tokenised securities, blockchain-based settlement, stablecoins and digital investment products. Chairman Park Hyeon-joo has identified digital assets as part of the group’s next stage of development, presenting Korbit as more than a cryptocurrency trading venue.

The group is expected to connect Korbit with a broader digital finance strategy that combines traditional investments with blockchain infrastructure. Possible areas include tokenised funds, digital bonds, institutional custody, cross-border payments and platforms for trading claims on real-world assets.

Mirae Asset has used overseas acquisitions to build a large exchange-traded fund business, including its ownership of Global X in the United States. Its experience in packaging and distributing investment products could support Korbit’s expansion beyond retail cryptocurrency trading, although regulatory approval would be required for many new services.

The transaction follows a policy shift in Seoul towards greater institutional participation in digital assets. Authorities have been developing rules that would allow corporations and professional investors to engage more directly with cryptocurrencies while strengthening controls on market abuse, custody and consumer protection.

South Korea introduced its first comprehensive law protecting cryptocurrency users in July 2024. The legislation requires exchanges to segregate customer deposits, maintain reserves, store much of their digital holdings in offline wallets and monitor suspicious transactions. A second phase of regulation is expected to address market structure, stablecoins and the responsibilities of token issuers.

Traditional financial groups have moved cautiously because rules separating financial and non-financial businesses can limit ownership and operational integration. Mirae Asset structured the purchase through Mirae Asset Consulting, whose activities include investments outside the group’s core securities and asset-management operations.

The acquisition involved shares held by Korbit’s former major owners, including NXC, the holding company connected to game publisher Nexon, and SK Square. NXC gained control of Korbit in 2017, while SK Square later invested in the platform as part of its technology portfolio.

Korbit’s banking relationship is another important asset. Cryptocurrency exchanges offering won markets must work with authorised banks that provide customers with verified real-name accounts. Korbit has maintained a partnership with Shinhan Bank, giving it access to payment rails and compliance systems required for domestic currency trading.

Competition is likely to intensify as established financial companies seek positions in South Korea’s digital-asset market. Banks, securities firms and technology groups are preparing for a regulatory framework covering won-backed stablecoins, while cryptocurrency exchanges are exploring partnerships that could strengthen payments, custody and wealth-management services.