Kategorie: Crypto Markets

• Naver Financial will acquire Dunamu in a $10.3B stock-swap deal.
• The merger now awaits shareholder votes and key regulatory approvals.
• If successful, Upbit’s operator will become a wholly owned Naver subsidiary in 2026.

Naver Financial has set the stage for one of South Korea’s largest fintech and crypto-related mergers, unveiling a stock-swap plan to fully acquire Dunamu, the company behind the country’s dominant crypto exchange, Upbit.

Dunamu recently reported 10.4 trillion won in total assets and 4 trillion won in equity, with revenue up 35% and net profit rising 145% year-over-year, cementing its position as one of Korea’s most influential digital asset players.

A landmark stock-swap merger

Naver Financial confirmed that it will absorb Dunamu through a stock-swap transaction valued at approximately 15.1 trillion won, or about $10.3 billion.

To complete the merger, the company will issue 87.56 million new shares to Dunamu shareholders according to a filing made on Wednesday, making the crypto firm a wholly owned subsidiary once the process is finalised.

The exchange ratio, set at 2.5422618 Naver Financial shares for each Dunamu share, was determined through an external discounted cash-flow valuation.

The effective stock exchange date is scheduled for June 30, 2026, though shareholders will vote on the plan earlier, at general meetings set for May 22, 2026.

Investors who oppose the deal will have the option to exercise appraisal rights at a price of 117,780 won per Naver Financial share.

These rights can be exercised from May 22 to June 11, 2026.

However, the deal may be cancelled if appraisal demands exceed 1.1 trillion won combined, unless both parties agree to adjust the cap.

Several regulatory approvals are required

The merger still requires approval from multiple regulators before it can proceed.

The deal must pass a business combination review by the Fair Trade Commission and meet requirements tied to major shareholder changes under the Act on the Use and Protection of Credit Information.

Naver Financial acknowledged in its filings that delays remain possible if any part of the process stalls.

But despite those hurdles, the companies appear confident about the transition.

Naver has said it plans to use the merger to “secure future growth momentum based on digital assets.”

While the firms have not yet mapped out structural changes following the merger, both sides expect closer strategic and operational cooperation.

According to reports shared earlier this year, Naver Financial is preparing to launch a Korean won-backed stablecoin after the merger, though no official timeline has been disclosed.

If confirmed, the move aligns with broader shifts in South Korea, where major banks and policymakers have adopted a more supportive stance toward digital asset innovation.

Notably, the election of President Lee Jae-myung marked a turning point for crypto regulation, and several domestic banks have already announced plans to introduce won-pegged stablecoins by late 2025 or early 2026.

That environment may provide Naver with fertile ground to expand its fintech capabilities and build a digital finance ecosystem that integrates payments, blockchain services, and investment tools.

The post Naver Financial to acquire Upbit operator Dunamu in a $10.3B stock-swap deal appeared first on CoinJournal.

• The tests will use standardised templates with major exchanges including Coinbase, Crypto.com and Kraken.
• The project links to the earlier Admissions and Disclosures Discussion Paper.
• The experiments sit within the FCA’s multi-year Crypto Roadmap ending in 2026.

The United Kingdom is pushing ahead with a practical form of crypto regulation, and the latest move by the Financial Conduct Authority shows how the country plans to shape its rulebook.

The FCA has approved RegTech firm Eunice to carry out live experiments in its sandbox, creating a clearer picture of how future rules may be built through real-world testing rather than theory.

On Wednesday, the regulator confirmed that Eunice will test standardised crypto disclosure templates with major exchanges such as Coinbase, Crypto.com and Kraken.

The templates are designed to check whether transparency improves when tools are used directly in active market conditions.

Industry input

The FCA said its sandbox is still open to companies working on similar solutions, and it continues to encourage firms to apply. The regulator’s message points to a broader shift.

The UK wants to rely on practical experiments to understand how crypto behaviours unfold in real time, instead of relying only on policy consultation rounds.

This approach moves industry participants closer to the centre of rule formation. It also gives the regulator the chance to observe how products behave before final guidance is introduced.

Eunice’s work fits this model, focusing on ways to strengthen transparency in a market that is seeing increased institutional involvement.

The trial also links back to the Admissions and Disclosures Discussion Paper published last year. That paper invited the industry to share technical insight and help shape early frameworks.

The new pilot now tests those ideas under live conditions, allowing the FCA to gather evidence on how different disclosure requirements perform when applied at scale.

Broader roadmap

The Eunice experiment also aligns with the regulator’s multi-year Crypto Roadmap, which is expected to end with the publication of the UK’s final crypto rules in 2026.

Over the past year, the FCA has introduced several changes aimed at increasing clarity for crypto companies.

These include stricter financial promotion rules, warnings issued to unregistered exchanges still operating in the UK and a comprehensive paper covering admissions, disclosures and market-abuse concerns across digital assets.

Each step forms part of a longer regulatory timeline that aims to tighten standards while preserving room for innovation. The use of the sandbox allows the FCA to test what works and what does not before decisions are written into policy.

Shifting tone

More recent actions suggest the regulator is becoming more open to crypto activity under controlled conditions. On 1 August, the FCA lifted its ban on crypto exchange-traded notes for retail investors.

This allowed consumers to access crypto-based ETN products again, signalling a more flexible approach to digital assets. On 17 September, the FCA launched a consultation on whether Consumer Duty should apply to crypto.

This traditional finance requirement focuses on ensuring firms deliver good outcomes for customers. Extending it to crypto would raise expectations around product design, risk communication and market conduct.

The regulator’s move to work with Eunice fits into this shift. By focusing on trials inside the sandbox, the FCA is building a system that responds to real behaviour rather than assumptions.

The decision also supports the UK’s long-term plan to use evidence gathered from ongoing experiments to shape final rules.

The sandbox programme will continue to influence how the UK designs its next phase of crypto regulation.

As new projects enter the environment, the FCA will gather more insight into how disclosure tools perform, how markets react and how different rules might work once introduced.

The Eunice trial marks an early step in this process, and future policy decisions are expected to draw heavily on the findings produced through these real-world tests.

The post UK advances crypto rules with FCA sandbox tests involving Coinbase, Crypto.com and Kraken appeared first on CoinJournal.

• Binance will introduce foreign investors and financial institutions to Vietnam.
• The agreement includes support for digital asset rules and blockchain payment systems.
• A joint working group will monitor progress twice a year.

Vietnam has taken a significant step in its long-term plan to build an international financial hub, with HCM City now partnering with Binance following an MoU signed on 26 November 2025.

The agreement was finalised during the Autumn Economic Forum 2025, attended by Prime Minister Pham Minh Chinh, municipal leaders, ministry representatives, and international investment funds.

The collaboration brings Vietnam closer to its goal of creating a modern financial ecosystem that can attract global investors and digital finance companies.

It also builds on Vietnam’s strategy to become more competitive across Asia as technology and digital assets reshape global capital flows.

Partnership expands Vietnam’s global financial links

HCM City is one of two key locations selected for the Vietnam International Financial Centre initiative.

The new agreement with Binance adds momentum to this plan by bringing one of the world’s largest crypto exchanges into Vietnam’s financial development efforts.

The partnership follows the city’s MoU with Nasdaq in October 2025, showing Vietnam’s intention to work closely with major global platforms.

Binance will introduce foreign investors, financial companies, and investment funds to Vietnam to help attract new capital to the financial centre.

This approach aims to increase international participation and strengthen Vietnam’s ability to connect with global markets.

Support for digital asset rules and blockchain activity

A major part of the cooperation involves shaping Vietnam’s regulatory environment for digital assets and blockchain applications.

Binance will share experience from its global operations to help Vietnam design rules for digital asset use, crypto trading, and blockchain activity.

The agreement covers the development of payment systems using cryptocurrencies and support for digital finance projects that follow strong compliance and safety standards.

Vietnam aims to build a clear regulatory structure that can protect users while supporting innovation, especially as demand for transparent rules in digital finance continues to grow across the region.

Joint working group and blockchain sandbox

To guide the partnership, Vietnam and Binance will set up a joint working group that meets twice a year to track progress.

The agreement also includes the creation of a sandbox for blockchain and crypto projects.

This controlled environment will allow companies to test products under regulatory supervision.

The sandbox will encourage innovation while reducing risks, giving local and international businesses a structured pathway to explore new technologies.

The mechanism is expected to support responsible growth and help regulators understand emerging digital finance models.

Training and support for startups in new technologies

The partnership extends beyond regulation and investment.

Vietnam aims to support startups and small businesses working in blockchain, artificial intelligence, and fintech.

The cooperation includes training sessions, workshops, and expert guidance for regulators and companies.

These programmes will help improve technical capacity and expand knowledge among teams that are crucial to the development of a modern financial centre.

Vietnam sees this as an opportunity to prepare its workforce for a more digital future and compete with regional hubs that are also investing in advanced technologies.

Long term vision to become an Asian finance hub

The collaboration with Binance reinforces Vietnam’s ambition to position HCM City as a major Asian financial hub by 2030.

With new international partnerships, growing regulatory planning, and a focus on digital finance, Vietnam is building the foundations of a financial centre designed for global integration.

The MoU marks another step in linking Vietnam with leading institutions and strengthening its role in regional economic development.

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