PANews reported on April 16th that, according to Tech in Asia, South Korean internet giant Naver plans to list its fintech subsidiary, Naver Financial, after completing a share swap with Dunamu, the operator of the cryptocurrency exchange Upbit in which Naver holds shares. The company aims to complete the IPO within five years of the transaction's completion. The deal has been delayed due to extended antitrust reviews, and the specific timeline and structure will depend on market conditions and the regulatory environment. South Korea's proposed Digital Assets Basic Law may alter the transaction structure or timeline.

On the same day the share swap agreement was signed, both parties entered into a shareholders' agreement requiring the establishment of an IPO committee for Naver Financial within one year of the share swap's completion, with a two-year extension if the company fails to go public within five years. Regulators also discussed a proposal to limit the shareholding of major shareholders on exchanges to 20%, which could lead to adjustments in the transaction terms.