Upbit's stock-swap deal with Naver delayed a second time due to uncertainty around proposed South Korean crypto legislation.
Regulation & Gov ·
Upbit's parent company Dunamu and Naver Financial have postponed their planned stock-swap transaction for a second time, now targeting December 31 as the new deadline. The two companies cited uncertainty stemming from proposed South Korean crypto legislation as the reason for the delay, stating that development of the country's landmark crypto law could materially affect the deal's progress or final terms.
The stock swap has become contingent on regulatory clarity in South Korea. Dunamu and Naver Financial indicated that pending legislative developments—specifically the Digital Asset Basic Act under deliberation—create sufficient uncertainty to warrant postponing the transaction. The companies have now delayed the agreement at least twice, signaling that the regulatory environment will likely remain a determining factor in whether and when the deal closes.
Key details about the scope and specific impact of the proposed legislation on the deal's mechanics remain unspecified. It is unclear whether the companies are waiting for the law to pass, for specific provisions to be clarified, or for broader regulatory direction before proceeding.