TLDR
- Naver Financial and Upbit parent Dunamu postponed their stock swap completion date from Sept. 30 to Dec. 31.
- The companies cited ongoing regulatory reviews and uncertainty surrounding South Korea’s proposed Digital Asset Basic Act.
- A proposed 20% ownership cap for major crypto exchange shareholders could affect Upbit’s existing corporate structure.
- Naver Financial plans to issue 87.56 million new shares valued at about 15.13 trillion won, or $9.9 billion.
- The partnership still aims to expand digital asset and AI opportunities despite the latest regulatory delay.
South Korea’s Naver Financial and Dunamu have postponed their planned stock swap until Dec. 31. The companies cited ongoing regulatory reviews and possible legal changes affecting the transaction. Meanwhile, the delay keeps Upbit at the center of South Korea’s evolving digital asset policy.
Stock Swap Moves to Year-End Amid Regulatory Review
Naver Financial and Dunamu confirmed a second delay for their planned stock swap on Monday. The companies moved the completion date from Sept. 30 to Dec. 31. They disclosed the revised timeline through South Korea’s official Dart filing system.
The companies previously delayed the transaction from June 30 to Sept. 30 during March. They explained that regulatory procedures remain incomplete and still require further progress. They also warned that pending approvals could delay or even cancel the agreement.
Naver Financial plans to issue 87.56 million new shares for the transaction. The new shares carry an estimated value of 15.13 trillion won, or about $9.9 billion. Each Naver Financial share carries a value of 172,780 won, according to the filing.
Proposed Crypto Law Shapes the Transaction Outlook
The filing highlighted the proposed Digital Asset Basic Act as another important factor. The companies stated that future legal changes may affect the transaction’s outcome. They also noted that corporate restructuring approvals remain under review.
Lawmakers continue debating a proposal limiting major shareholders in domestic cryptocurrency exchanges. The proposal currently discusses a maximum ownership limit of 20%. The rule would also apply to existing exchange structures, including Upbit.
Financial regulators argue the ownership limit could improve transparency and reduce market concentration. However, several lawmakers and industry participants oppose the proposal. They argue the restriction could violate constitutional economic rights and business freedom.
Partnership Keeps Focus on Digital Assets and AI
Naver Financial and Dunamu announced the transaction agreement during the previous year. The companies agreed on an exchange ratio of 2.5422618 Naver Financial shares for one Dunamu share. The agreement supports their long-term digital business strategy.
Industry observers expect the partnership to strengthen connections between financial services and blockchain technology. Many also expect Upbit infrastructure to support Naver’s expanding financial ecosystem. However, neither company has announced detailed commercial integration plans.
Earlier reports suggested both companies could invest in artificial intelligence and blockchain projects together. The latest delay leaves those plans waiting for greater regulatory clarity. Until then, Upbit remains central to discussions surrounding South Korea’s digital asset industry.
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