[Dunamu and NAVER Stock Swap Faces Regulatory Compliance Challenges] The stock swap transaction between Upbit's parent company Dunamu and a subsidiary of NAVER is facing challenges under South Korea's Fair Trade Act and the shareholding ratio restrictions for virtual asset exchanges. According to South Korea's Fair Trade Act, a holding company must hold at least 30% of shares in a listed subsidiary, at least 50% in an unlisted subsidiary, and at least 20% for venture capital holding companies. If NAVER Pay transitions into a holding company and incorporates the exchange as a subsidiary, it will need to adjust its governance structure to meet the relevant shareholding standards. Additionally, ongoing discussions on South Korea's virtual asset legislation include restrictions on the maximum shareholding ratio for major shareholders of exchanges. (Source: Yonhap News)