Mirae Asset Wins Approval for Korbit Crypto Exchange Deal

South Korea's Fair Trade Commission cleared Mirae Asset Consulting's acquisition of Korbit, the first takeover of a domestic won-based crypto exchange by an affiliate of a major financial group.

Mirae Asset Consulting will buy a 92% stake in Korbit for about 133.4 billion won ($88.5 million). The KFTC said the deal would not substantially reduce competition because Korbit holds just 0.5% of South Korea's crypto trading volume. The regulator cited the exchange's limited scale and the market's existing concentration.

The transaction lets Mirae Asset combine its brokerage and asset management businesses with a crypto trading platform. The KFTC said the combination could eventually support new investment products, including digital asset-based exchange-traded funds. Korbit would first need to improve its liquidity before gaining enough scale to influence competition.

The approval sets a precedent for other financial groups looking to enter the crypto space. In South Korea, the market remains dominated by Upbit and Bithumb. Mirae Asset's move mirrors a global trend of traditional finance firms integrating digital asset services, as seen in the wider crypto market. The KFTC clearance removes a major regulatory hurdle, though Korbit's path to meaningful liquidity and product expansion still lies ahead.