[Upbit Parent Company Dunamu and NAVER Stock Swap Transaction Faces Changes: Potential Conflict with Regulatory 'Ownership Limits'] According to Yonhap News Agency, the stock swap transaction between Upbit's parent company Dunamu and NAVER Pay, a subsidiary of South Korean internet giant NAVER, may encounter uncertainties. Data disclosed by the South Korean National Assembly's Legislative Research Office indicates that the transaction could simultaneously face restrictions under the Fair Trade Act regarding the minimum shareholding ratio for subsidiaries and the maximum shareholding ratio for major shareholders of virtual asset exchanges. Currently, NAVER Pay does not appear to be a holding company, but if it transitions into a holding company in the future and incorporates the exchange as a subsidiary, there could be a situation where two conflicting ownership standards apply simultaneously, necessitating adjustments to the governance structure. South Korea's Fair Trade Act stipulates that holding companies must hold at least 30% of the shares in listed subsidiaries and at least 50% in unlisted subsidiaries; for venture capital holding companies, the requirement is 20%.