Mirae Asset wins Korea’s approval to buy Korbit in a TradFi-crypto first
The post Mirae Asset wins Korea’s approval to buy Korbit in a TradFi-crypto first appeared on BitcoinEthereumNews.com. On July 9, the Fair Trade Commission of South Korea (KFTC) approved Mirae Asset Consulting’s acquisition of 92.06% of the cryptocurrency exchange Korbit. This is the first time that a subsidiary of a significant Korean financial institution has been permitted to buy a licensed digital asset exchange. For the rest of the world, which is keenly observing how conventional finance is moving towards cryptocurrency, this ruling represents a real trial for the acceptance of that merger. Regulators in the US, Europe and Asia spent years considering how banks and asset management companies would be able to operate exchanges. South Korea has demonstrated one approach to make use of and did not have to break down the barriers between finance and cryptocurrency. Mirae Asset Consulting is paying 133.4 billion won for the acquisition (equivalent to $97.9 million based on Bank of Kor