Dunamu and Naver Financial Stock Swap Faces Regulatory Challenges

Dunamu and Naver Financial’s comprehensive stock swap may be impacted by regulations limiting equity holdings in virtual asset exchanges and prohibiting duplicate listings under holding companies, according to Odaily. The proposal involves Dunamu integrating Naver Financial as a subsidiary before pursuing an independent listing, which could conflict with existing rules. Naver Financial plans to acquire 100% of Dunamu’s shares through the stock swap. Naver’s public filing states that shareholder approval and regulatory clearance are required for completion, noting potential regulatory impacts on transaction structure and timeline due to legislation restricting major shareholders of virtual asset exchanges from holding more than 20% equity, with a maximum of 34% even after government approval.

Seoul Economy reported that a bill limiting principal shareholders of virtual asset exchanges to 20% ownership, with a cap of 34% upon government approval, is under discussion in the National Assembly. Dunamu adjusted its expected completion date for the stock swap to December 31 and disclosed that it still requires antitrust review by the Fair Trade Commission and approvals related to changes in major shareholders.