Naver-Upbit deal faces ownership rule conflict in South Korea
- —Proposed cap on major shareholders' stakes in exchanges is 20%, up to 34% under conditions
- —Holding company law requires ownership of at least 50% of an unlisted subsidiary
- —The Naver Financial and Dunamu share swap is scheduled for Dec. 31
- —The FSC said the final cap for exchange shareholders has not yet been approved
Why it matters: The final exchange ownership rules will determine the structure of the Naver-Dunamu deal and set the framework for consolidation of Korea's crypto market.
Source: crypto.news