South Korea just handed one of its biggest traditional finance players a direct line into crypto. The Mirae Asset Korbit acquisition — cleared by the Korea Fair Trade Commission — marks the first time a major South Korean financial group has taken over a licensed won-based cryptocurrency exchange, a milestone that says as much about where the country’s financial sector is heading as it does about Korbit itself.

Key takeaways

• The Korea Fair Trade Commission approved Mirae Asset Consulting’s purchase of a 92.06% stake in Korbit for 133.5 billion won, or roughly $88.8 million.
• Korbit held just 0.5% of South Korea’s crypto trading volume last year, far behind Upbit (69%) and Bithumb (28%).
• The KFTC ruled the deal unlikely to…