Naver Financial, Upbit Parent Dunamu Delay Stock Swap to Dec. 31 Amid Crypto Law Debate

According to Dart filing and The Block, Naver Financial and Dunamu (Upbit's parent company) announced on Monday that their stock swap transaction has been pushed back to Dec. 31, amid South Korea's ongoing debate over new cryptocurrency regulation. This marks the second delay; the deal was previously postponed from June 30 to Sept. 30 in March. The 15.13 trillion won ($9.9 billion) transaction, with an exchange ratio of 2.5422618 Naver Financial shares per Dunamu share, is now facing uncertainty due to the proposed Digital Asset Basic Act, which may include a clause limiting major shareholders to 20% stake in domestic crypto exchanges.
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