1. Where things stand: why "Mirae Asset–Korbit"?

The most meaningful change in Korea's crypto market
is **not trading volume but "who the players are."**

• Dunamu–Naver
• Mirae Asset–Korbit

What the two cases have in common is simple.

Platform companies and traditional finance are combining around crypto not as "trading"
but as "financial infrastructure.".

Mirae Asset has already

• expanded to the far edges of traditional finance
• in
• global ETFs,

alternative investments, and overseas brokerage and asset management— that is the kind of financial group it is.
The Korbit acquisition is an extension of that.

2. Why now? Three key reasons

① Not "coins" but the start of "tokenization"

The key word in global finance right now is **tokenization**.

• Stocks
• Bonds
• Funds
• MMF
• Real estate and alternative assets

The move to issue, trade and settle all of these assets on the blockchain —that trend
is spreading fast, led by the U.S. and Europe.

For Mirae Asset, Korbit is
not just a crypto exchange but

closer to "a regulated testing ground"

for experimenting with tokenized financial products.

② Traditional finance is hitting growth limits; crypto is "the next game"

Traditional finance has already entered

• a state of
• falling fees,
• intensifying competition

and regulatory saturation.

Digital assets, by contrast, offer

• global 24-hour trading,
• a changing cost structure for intermediation,
• and automated, smart-contract-based finance,

and other an entirely different growth curve— that is what they have.

It makes more sense to read the Mirae Asset–Korbit tie-up
not as "we're going to trade coins" but

as securing an option on the next financial infrastructure

— that is the reasonable interpretation.

③ Regulatory risk has entered a "settling phase"

Timing is what matters.

• Past: regulatory uncertainty → entry on hold
• Now: the direction of regulation shifting from "ban" to "manage"

For large financial firms, this means
they have entered a range where risk can be calculated..

In other words,
The market is changing from "a market that could be shut down any time"
to "a market with clear limits on what's allowed."

3. What impact could this have?

① Korbit's changing role: from "exchange" to "financial testing platform"

In the short term, Korbit's trading volume
is unlikely to catch up with Upbit and Bithumb right away.

But over the medium to long term,

• tokenized funds,
• digital bonds,
• blockchain-based MMFs,
• and custody and settlement pilots for institutions,

among others — "financial services beyond an exchange" —are where it is likely to stand out.

② A change in the character of Korea's crypto market

Until now, the domestic market has been

• retail-driven,
• spot-trading-driven
• and fee-driven

in structure.

The Mirae Asset–Korbit case
is the first sign that it could shift toward a market centered on institutions, assets and products..

This may not change much for the short-term speculative market,
but over the medium to long term it is an event that changes the very character of the market..

③ Other financial firms may "follow suit"

In traditional finance,
once one firm moves, others always follow.

• Brokerage
• Asset managers
• Banks

Everyone will
**"a strategic position on digital assets, even if not acquiring an exchange"**
re-examine it.

4. BITPRESS Insight

Dunamu–Naver, and now Mirae Asset–Korbit.
Put these together and the conclusion is clear.

Crypto is no longer a "coin industry"
but is becoming part of a restructuring of financial infrastructure.

The important question
is not "Will coins go up?"

• Which financial firms
• will put which assets
• in what way
• onto the blockchain?

The Mirae Asset–Korbit acquisition
to this question is the Korean financial sector's first realistic answer.for experimenting with tokenized financial products.

And this change
It is likely to influence the market far longer and more deeply than exchange rankings.