Fair Trade Commission approves Mirae Asset Consulting’s acquisition of Korbit stake 92.06%
The Korea Fair Trade Commission 7month 9day approved Mirae Asset Consulting’s acquisition of a Korbit stake of 92.06%. The acquisition price was 1,334million won, and the commission determined that the likelihood of restricting competition was not high.
![Fair Trade Commission approves Mirae Asset Consulting’s acquisition of Korbit stake 92.06%/blog-images/gen-6d20ffa7-5c6a-419d-b466-ae56621de020.jpg)
The Korea Fair Trade Commission 7month 9day approved Mirae Asset Consulting’s acquisition of a Korbit stake of 92.06%. The transaction amount was 1,334million won.
Mirae Asset Consulting is a nonfinancial affiliate whose revenue is generated mostly from hotel operations. The same group includes financial affiliates such as Mirae Asset Securities and Mirae Asset Global Investments.
The Korea Fair Trade Commission said it determined that this business combination would create mixed combinations between the securities business and a virtual asset exchange, and between the asset management business and a virtual asset exchange involving 2cases.
During the review process, the Korea Fair Trade Commission assessed Korbit’s market share based on trading volume as approximately 0.5%, and concluded that the likelihood of restricting competition was not high.
There are domestic virtual asset exchanges that support won-denominated trading, including Upbit, Bithumb, Coinone, Korbit, and GOPAX, among 5 exchanges. These exchanges have Information Security Management System (ISMS) certification and meet the requirements for real-name verified deposit and withdrawal accounts.
The Korea Fair Trade Commission’s conclusion reflects the results of its review of market share and the possibility of launching derivative products, such as exchange-traded funds, in the future. Approval of the business combination is an official decision based on the Korea Fair Trade Commission’s final determination.