South Korea’s Naver Monetary has delayed plans for its share swap with crypto trade Upbit’s dad or mum agency Dunamu.
Abstract
- Naver Monetary has delayed its share swap with Dunamu by almost three months, with a shareholder vote set for Aug. 18 and completion now anticipated on Sept. 30.
- The deal stays topic to regulatory approvals and will face additional delays or cancellation, with South Korea’s Digital Asset Primary Act additionally prone to affect the timeline.
In keeping with a regulatory submitting with the nation’s Monetary Supervisory Service, Naver mentioned it is going to maintain a shareholder vote on Aug. 18, following which it is going to full the transaction on Sept. 30.
With the brand new timeline, the deal has now been delayed by almost three months from earlier goal dates of late Could or early June.
Whereas the corporate didn’t disclose the explanation behind the delay, it mentioned the deal stays topic to a number of regulatory approvals tied to modifications in main shareholding and enterprise mixture evaluate. It added that the transaction could possibly be topic to additional delays or cancellation relying upon how the approval course of unfolds.
The deal may be impacted by South Korea’s proposed Digital Asset Primary Act, which is predicted to be carried out within the first half of 2026.
The deliberate laws is the second section of the nation’s crypto regulatory framework and is about to broaden past the present consumer safety regime to place in place a broader rulebook for the digital asset sector.
Within the meantime, Dunamu has reported weaker working efficiency, with its income and revenue each falling in 2025 as market exercise throughout the crypto market has slowed.
Per its annual submitting, the corporate posted a ten% year-on-year decline in income, whereas its working revenue fell 26.7% and its internet revenue fell 27.9%.
Naver Monetary first disclosed plans to accumulate Dunamu final 12 months, with native media reporting on the time that the corporate was getting ready a share swap to convey the Upbit operator beneath its umbrella. The deal was subsequently confirmed in November as a roughly $10.3 billion all inventory deal.
Across the identical time, the corporate additionally introduced plans to launch a stablecoin pockets service in collaboration with blockchain funding agency Hashed and the Busan digital trade. As beforehand reported by crypto.information, the businesses plan to develop a pockets named “Silk Pocket.”
