FTC approves Mirae Asset Consulting’s acquisition of Korbit (1,334hundred million won)

The Fair Trade Commission 7 month 9 day approved Mirae Asset Consulting’s acquisition of the virtual asset exchange Korbit. From an investor’s perspective, the acquisition is noteworthy because it expands the possibility of linking the group’s financial affiliates with its virtual asset business.

This business combination involves Mirae Asset Consulting acquiring a 92.06% stake in Korbit for approximately 1,334hundred million won. Following its review, the FTC determined that the transaction is unlikely to substantially restrict competition in the relevant market.

Mirae Asset Consulting is a nonfinancial affiliate whose revenue comes mostly from hotel operations. The group’s financial affiliates include Mirae Asset Securities and Mirae Asset Global Investments.

The Korea Fair Trade Commission reviewed this matter from two perspectives: a mixed combination between the securities industry and virtual asset exchanges, and a mixed combination between the asset management industry and virtual asset exchanges. During the review, it cited Korbit’s low market share of approximately 0.5% as a basis.

Based on virtual asset trading volume last year, Upbit accounted for approximately 69%. Bithumb accounted for approximately 28%.

Coinone accounted for approximately 2%, while Korbit accounted for approximately 0.5%. At present, there are 5 domestic virtual asset exchanges with ISMS certification and real-name verification deposit and withdrawal accounts, including Upbit, Bithumb, Coinone, Korbit, and GOPAX.