Korea’s largest asset managers have long circled digital assets with caution. This week, one of them stepped decisively closer. Mirae Asset Group’s move to secure control of Korbit, one of the country’s earliest crypto exchanges, is not just a transaction. It is a practical test of how far South Korea’s financial system is prepared to let traditional capital integrate with crypto infrastructure.
Mirae Asset Consulting to Acquire 92.06% of Korbit for ₩133.5 Billion
On February 13, Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, disclosed that it will acquire 26,91 million Korbit shares for approximately KRW 133.48 billion. Following completion, its ownership stake will reach 92.06%.
The shares are being purchased from NXC, the holding company of Nexon, which held 60.5%, and SK Planet, which held roughly 31.5%. SK Planet exercised its tag-along rights and will dispose of 9,221,142 shares for about KRW 457 billion at KRW 4,961 per share, according to regulatory filings.
Mirae Asset Consulting stated that the purpose of the acquisition is to “secure future growth engines based on digital assets.” Still, the final completion requires approval from the Financial Services Commission.
Korbit is Korea’s fourth-largest digital asset exchange by market presence, although its market share is reported to be below 1%. The exchange operates a KRW-denominated trading market.
A Digital Asset Pivot Under “Mirae Asset 3.0”
The transaction aligns with Mirae Asset Group’s previously declared “Mirae Asset 3.0” strategy, which seeks to integrate traditional financial assets with digital assets.
Mirae Asset Securities recently reported consolidated net profit of KRW 1.5936 trillion for the past year, up 72.2% year-on-year. Pre-tax profit reached KRW 2.08 trillion, and return on equity stood at 12.4%. Total assets under management rose to KRW 602 trillion, increasing by about KRW 120 trillion in one year.
The firm has also recorded four consecutive profitable quarters in principal investment, generating roughly KRW 645 billion in valuation gains, partly reflecting appreciation in overseas innovation companies such as SpaceX and x.AI. Overseas subsidiaries achieved record performance, with pre-tax profit rising about 200% year-on-year to KRW 498.1 billion.
Against that backdrop, acquiring a digital asset exchange introduces an operational foothold in crypto markets as the group explores tokenized securities, asset tokenization, and potential stablecoin initiatives under evolving regulatory frameworks.
Regulatory Friction: Financial–Crypto Separation Still Stands
Korea maintains a principle commonly referred to as “financial–crypto separation,” under which regulated financial institutions such as banks, insurers, and securities firms cannot directly operate digital asset businesses.
The structure of this acquisition reflects that constraint. Mirae Asset Consulting is a non-financial affiliate. Its largest shareholders include Chairman Park Hyun-joo with 48.49% and his spouse with 10.15%. The company is engaged in businesses such as real estate development and golf course operations.
By positioning the acquisition through a non-financial entity, the group appears to be navigating existing regulatory boundaries rather than directly challenging them. For now, approval from financial authorities remains pending.
This shows a structural tension. Institutional capital is seeking exposure to digital assets, yet formal regulatory integration remains limited, especially with the latest complicated development in Korea’s Digital Asset Act. Now, the Korbit deal operates in that narrow space.
Ecosystem Implications: Infrastructure Before Tokenization
Korbit’s market share is currently small relative to dominant exchanges such as Upbit and Bithumb. However, control of exchange infrastructure can matter more than current trading volume.
If token securities regulation advances, exchange-level capabilities could become critical domestic infrastructure. Industry observers have noted that securing such infrastructure could position Mirae Asset to link securities services with digital asset functionality.
The move also comes as Korean financial institutions increase collaboration with crypto firms. Earlier, Naver Financial and Dunamu restructured ownership through a comprehensive stock exchange. Hence, the sector is gradually reconfiguring around hybrid structures.
Markets responded positively to Mirae Asset’s broader momentum. On February 13, Mirae Asset Securities’ stock rose sharply, reaching an intraday high of KRW 64,600 and closing at KRW 61,600, up more than 15% from the prior session. Trading volume exceeded 22 million shares. The rally coincided with broader securities-sector gains and continued investor focus on the firm’s strong earnings performance.
While the stock movement cannot be attributed solely to the Korbit acquisition, it reflects investor attention toward the group’s strategic direction.
What This Signals for Global Capital Watching Korea
For international investors and fintech operators, this transaction highlights three developments in Korea’s digital asset environment.
First, institutional groups are no longer limiting exposure to passive investment or offshore ventures. Second, regulatory approval processes remain decisive. The Financial Services Commission’s stance will indicate how much operational integration is tolerated under current separation principles. And lastly, Korea’s digital asset market is entering a consolidation phase shaped by institutional participation rather than retail momentum alone.
Mirae Asset’s move does not eliminate regulatory constraints, but tests them carefully.
Integration, Not Convergence
If approved, Mirae Asset would become the only Korean securities group with indirect control of a digital asset exchange.
That does not automatically create unified brokerage–crypto products. Legal separation remains intact and operational integration will depend on how regulators interpret boundaries between affiliated entities.
What is clear is that digital asset infrastructure is no longer peripheral to Korea’s largest financial institutions. It is being positioned as a long-term strategic layer.
The question now is less about whether finance and crypto will interact in Korea. It is about how narrowly that interaction will be defined.
Key Takeaway on Korbit Acquisition by Mirae Asset
- Mirae Asset Consulting agreed to acquire 92.06% of Korbit for approximately KRW 133.5 billion.
- The deal requires Financial Services Commission approval.
- The acquisition aligns with Mirae Asset’s “Mirae Asset 3.0” digital asset strategy.
- Korea’s financial–crypto separation principle required structuring the purchase through a non-financial affiliate.
- Mirae Asset Securities reported KRW 1.5936 trillion in net profit last year, providing capital strength for expansion.
- Institutional entry into crypto infrastructure in Korea is accelerating, but regulatory integration remains limited.
- The Korbit acquisition represents a controlled test of how far Korea will permit convergence between traditional finance and digital asset markets.
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