[2026 Parliamentary Audit] Financial Authorities Plan Safeguards Amid Monopoly Concerns Over Naver-Dunamu Merger

Financial authorities are reviewing safeguards amid concerns about market dominance surrounding the proposed combination of Naver Financial and Dunamu.

Financial Services Commission Chairman Lee Eokwon answers lawmakers' questions during a parliamentary audit of the Financial Services Commission and other agencies at the National Assembly on the 8th. 2026.10.08 Photo by Yoon Dongju

According to a written response to a parliamentary audit that the Financial Services Commission (FSC) submitted to Democratic Party of Korea lawmaker Lee Kang-il on Oct. 22, 2026, the FSC gave this response when asked whether safeguards were being considered to prevent a specific company from monopolizing the market, given that a combination of Naver Financial and Dunamu would give the merged entity overwhelming market dominance.

The FSC said, "The Korea Fair Trade Commission is currently conducting a close review of whether a combination of Naver and Dunamu would restrict competition." It added, "In line with the same principle, the Digital Asset Basic Act is also being considered for safeguards to ensure that exchanges, a key part of the market's infrastructure, do not have their public nature and neutrality undermined by the dominance of a particular company or shareholder."

In November 2025, Naver Financial announced that it would make Dunamu a wholly owned subsidiary through a comprehensive share swap. To complete the share swap, the companies must obtain government approvals, including approval from the Korea Fair Trade Commission for the business combination, approval for a change in Naver Financial's largest shareholder, and acceptance of a notification of a change in Dunamu's largest shareholder. Although the results of the Korea Fair Trade Commission's review of the business combination filing have not yet been announced, concerns about a monopoly resulting from the combination have emerged in the market.

In response to a question about its plans for a licensing policy for virtual asset exchanges, the FSC said, "We also plan to establish safeguards to ensure the public nature and neutrality of exchanges, so that they can guarantee fairness and accountability in market operations."

The FSC also stressed that exchanges, as key infrastructure for the circulation of virtual assets and used by about 10 million people, must have sufficient capital and the ability to operate the market commensurate with that role.

The FSC added that it would work to ensure these measures are fully reflected in the Digital Asset Basic Act.

In response to questions about plans for stablecoin operations and the types of stablecoins, the FSC said, "We are designing the framework in consultation with relevant agencies, taking into account global legislation and domestic market conditions." It added, "We will complete consultations with relevant agencies as soon as possible to support substantive progress in legislative discussions in the National Assembly."

The FSC also said it would consider ways to diversify the products that can be offered in the domestic market, including real-world asset (RWA) products and virtual asset-based derivatives.

This content was produced with the assistance of AI translation services.