South Korea panel urges easing major shareholder rule, clearing hurdle for Naver-Dunamu deal

A presidential regulatory reform panel has recommended creating exceptions in major shareholder eligibility reviews for virtual asset service providers, removing one obstacle to Naver’s acquisition of Dunamu, Chosun Ilbo exclusively reported. If South Korea’s Financial Services Commission had enforced its amendment as originally drafted, Naver’s acquisition could have fallen through after the company received a first-instance ruling for violating the Fair Trade Act. The committee said it was excessive to reject filings uniformly without considering the severity of a major shareholder’s legal violation or whether a dual punishment provision had been applied, and it urged the FSC to prepare exception rules. The amendment’s final details are set to be decided after review by the FSC, the Ministry of Government Legislation, a vice ministers’ meeting and a Cabinet meeting.