Naver said to acquire S Korean crypto exchange operator Dunamu

Naver is expected to confirm its plan to acquire Dunamu, the operator of Upbit, at a board meeting scheduled for next week, according to industry sources.

Dunamu, which runs Korea’s largest cryptocurrency exchange, also plans a board meeting on November 26, 2025 to confirm the details of the plan.

Industry sources say Naver is pushing for a stock swap through its fintech arm, Naver Financial, to make Dunamu a wholly owned subsidiary.

The two firms are expected to launch a won-backed stablecoin project and other digital finance initiatives once integration is finalized.

Approval at a shareholders’ meeting is required before integration procedures can officially start.

🔗 Source: The Korea Times

🧠 Food for thought

Implications, context, and why it matters.

Korean regulators steer Naver-Dunamu crypto plans

Korea Fair Trade Commission (KFTC) will review under merger rules with transaction-value thresholds that can catch small targets in emerging sectors, with extra scrutiny for multi-sided (platform) and innovation markets 1.
Changes in Dunamu ownership or control trigger Korea Financial Intelligence Unit (KoFIU) checks on virtual asset service provider (VASP) filings 2. KoFIU expanded reviews in 2024 to cover service operators, officers, plus major shareholders, and can deregister ineligible VASPs 2.
A planned won-backed stablecoin faces uncertainty as Financial Services Commission (FSC) rules exclude deposit tokens, which are bank-issued digital claims on deposits linked to central bank digital currency (CBDC), from the virtual asset definition 3. Private fiat-backed versions lack guidance, so launch timing and uses remain unclear.

Payment networks can prepare for Korean won (KRW) stablecoins

If regulators clear a won-backed stablecoin post-merger, payment service providers and merchant acquirers (companies that process payments for merchants) can build acceptance and settlement. The FSC framework requires VASPs to separate customer funds with bank custody via deposits or trusts 3, opening partnership space for banks not named in the deal 3.
Proposed FSC rules bar VASPs from blocking deposits or withdrawals unless a system fails, a legal request arrives, or a security incident occurs 3.
External virtual asset transfers, or off-exchange token movements, rose 38% in H2 2024 for whitelisted (pre-approved) overseas entities plus personal wallets (self-custodied addresses) 4. Demand for stablecoin settlement could follow if rules allow use beyond exchange trading.