South Korea · The Block
Upbit, Naver stock-swap agreement runs into second delay amid proposed crypto law debate
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
South Korea's Naver Financial and Upbit parent company Dunamu announced on Monday that their stock swap transaction has been pushed back to Dec. 31, amid the changing local regulatory landscape.
Key facts
- To facilitate this transaction, Naver Financial said it plans to issue 87.56 million new shares, worth approximately 15.13 trillion won ($9.9 billion)
- In March, the two announced that they were pushing back the transaction date from June 30 to Sept. 30
- South Korea's Naver Financial and Upbit parent company Dunamu announced on Monday that their stock swap transaction has been pushed back to Dec. 31, amid the changing local regulatory landscape
- The companies also mentioned that the upcoming Digital Asset Basic Act, a key legislation for the regulation of the crypto sector in South Korea, is currently being developed, and that the contents
Summary
This is the second time the deal was delayed. The transaction was first announced last year as Naver Financial, the financial services subsidiary of local IT giant Naver, officially confirmed its merger deal with Dunamu. To facilitate this transaction, Naver Financial said it plans to issue 87.56 million new shares, worth approximately 15.13 trillion won ($9.9 billion). Through the transaction, the two companies aim to secure future growth momentum driven by digital assets, with industry watchers expecting Naver to integrate Upbit's crypto infrastructure into its massive domestic financial services network.