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South Korea’s Mirae Asset Group has agreed to acquire a 92% stake in cryptocurrency exchange Korbit for $93 million, placing one of the country’s largest financial institutions at the center of a digital asset sector facing intensifying regulatory scrutiny.
The cash-only deal, expected to close within seven business days after all conditions are met, underscores growing institutional appetite for regulated crypto exposure in South Korea.
Mirae Asset executives said the Mirae Asset Korbit Acquisition is intended to secure future growth drivers through digital asset businesses, positioning the financial group more directly within the evolving crypto sector.
The transaction reflects a broader trend of traditional financial institutions seeking exposure to digital assets through licensed, established platforms.
Korbit currently operates under a full license and is regarded as compliant under South Korea’s regulatory framework.
By executing the Mirae Asset Korbit Acquisition, the asset management giant gains entry into the crypto market via a platform already embedded within the country’s regulated exchange ecosystem.
Industry observers note that Mirae Asset’s distribution capabilities and extensive client relationships could expand Korbit’s reach among both institutional and retail investors. The Mirae Asset Korbit Acquisition, therefore, is not only a financial transaction but also a strategic alignment between traditional finance and digital asset infrastructure.
The Mirae Asset Korbit Acquisition comes at a time when South Korean regulators are increasing scrutiny of crypto exchanges. Authorities have been investigating several platforms for compliance violations, following a recent incident at Bithumb involving a wrongful Bitcoin payment reportedly worth around $42.7 million (approximately 62 trillion KRW).
Governor Lee Chan-jin of the Financial Supervisory Service said internal control standards across the crypto market remain insufficient, despite some exchanges operating under full licenses.
“Only when actual holdings match book balances in real time can system stability be secured,” — Lee Chan-jin, Governor, Financial Supervisory Service.
Lee urged authorities to incorporate stronger safeguards into second-stage legislation governing virtual assets. His remarks come as policymakers prepare updates to the Digital Asset Basic Act, also referred to as the second-stage virtual asset law.
Kwon Dae-young, Vice Chairman of the Financial Services Commission, emphasized that regulators are already maintaining close oversight of financial institutions.
“We will reflect internal control standards and the like in the second-stage legislation and prepare to give them binding force,” — Kwon Dae-young, Vice Chairman, Financial Services Commission.
The FSC has indicated that future measures may include mandatory periodic third-party checks and strict liability provisions for damages arising from system failures. Internal control standards for crypto platforms are also expected to be raised to match those applied to traditional financial companies.
In this tightening environment, the Mirae Asset Korbit Acquisition stands out as a vote of confidence in regulated operators, even as oversight intensifies.
The ripple effects of regulatory tightening extend beyond exchanges themselves. South Korean banks that maintain real-name account partnerships with crypto platforms are now reviewing their contractual relationships.
Kakao Bank and KBank, both of which partner with exchanges, are reportedly monitoring developments closely following the Bithumb overdraft incident. According to local media reports on February 13, Kakao Bank is discussing compliance and risk management issues with partners Coinone and Bithumb. The bank plans to review its one-year real-name account partnership with Coinone in the third quarter of this year.
Under South Korean law, crypto exchanges must establish real-name account partnerships with local banks to facilitate Korean won deposits and withdrawals. These partnerships are critical to exchange operations, making banks key gatekeepers within the digital asset ecosystem.
KBank is also evaluating whether to renew its contract with Upbit when it expires in October. Meanwhile, Kookmin Bank is set to review its agreement with Bithumb and has demanded stronger internal controls from the exchange.
A Kookmin Bank official noted that the institution regularly reviews risks associated with crypto operators, highlighting concerns about reputational exposure linked to exchange instability. The official indicated that the transfer of reputational risk tied to operational failures could be burdensome given contractual relationships with exchanges.
Against this backdrop, the Mirae Asset Korbit Acquisition represents a calculated move. While regulators push for stricter compliance standards and banks reassess their exposure, Mirae Asset is entering the sector through a licensed exchange positioned to meet evolving requirements.
The transaction suggests that institutional investors remain confident in regulated crypto infrastructure, even as authorities call for higher internal control standards and stricter liability frameworks. By aligning with a compliant platform, Mirae Asset appears to be positioning itself to operate within — rather than outside — South Korea’s tightening regulatory perimeter.
As second-stage legislation advances and banks weigh the future of exchange partnerships, the Mirae Asset Korbit Acquisition may serve as a defining example of how traditional finance integrates with digital assets under stricter governance rules.
