Naver-Dunamu merger faces governance rule clash

A National Research Service analysis found that if Naver Financial becomes a holding company after merging with Dunamu, antitrust law requirements (minimum 50% in an unlisted subsidiary) could conflict with plans to cap large shareholders' stakes in crypto exchanges under the digital asset law.

• Antitrust law requires holding firms to own at least 50% of unlisted subsidiary
• Digital asset law discusses cap on large crypto exchange shareholder stakes
• Naver Financial is not currently a holding company, so limits do not apply
• Conflict could arise if the group's structure changes in future