BKL Advises Hana Bank on Landmark Acquisition of Dunamu Stake

Matter Overview

Bae, Kim & Lee LLC (“BKL”) advised Hana Bank on its acquisition of a 6.55% stake in Dunamu Inc., the operator of Upbit, Korea’s largest virtual asset exchange, from Kakao Investment Co., Ltd. The transaction, valued at approximately KRW 1 trillion, was approved by Hana Bank’s board of directors on May 14, 2026, and successfully closed on June 15, 2026.

A First-of-its-Kind Investment by a Korean Commercial Bank in a Virtual Asset Exchange

This transaction marks the first acquisition of an equity interest in a virtual asset exchange by a Korean commercial bank. Since the Korean financial regulators’ press release dated December 13, 2017, domestic financial institutions have faced significant regulatory restrictions on investments in virtual asset exchanges under the principle of separation between finance and virtual assets.

Against this backdrop, the transaction is widely viewed as a landmark deal that signals a meaningful step toward closer convergence between Korea’s traditional financial sector and the fast-growing virtual asset industry.

Part of Hana Financial Group’s Digital Transformation Strategy

Hana Financial Group pursued this investment as part of its broader digital transformation strategy, with a particular focus on blockchain and stablecoin infrastructure. Through the investment, Hana Bank is expected to strengthen its position in the virtual asset market, identify new business opportunities in collaboration with Dunamu, and expand its wealth management service offerings.

BKL’s Role

BKL provided comprehensive legal support across all stages of the transaction, including legal due diligence, drafting and negotiation of the share purchase agreement and other transaction documents, and communications with the financial supervisory authorities.
Drawing on its integrated capabilities in financial regulation, M&A and virtual assets, BKL delivered seamless, one-stop advice from regulatory strategy to transaction execution. The transaction further demonstrates BKL’s ability to support clients on complex, first-of-its-kind deals at the intersection of traditional finance and emerging digital asset markets.

The BKL team was led by Seung Beom Koh (Senior Advisor), Youngmo Kim (New York-qualified foreign attorney), and partners Sky Yang, Soo Jung Hong, Jaein Lee, Yoonhyoung Jeong and Hyobong Kim.
 

[Korean Version]