Korea’s crypto industry continues to gain institutional recognition, as Dunamu—the operator of Upbit—has entered the top 40 of Korea’s largest business groups, while rival exchange Bithumb has been officially classified as a large enterprise for the first time.
According to the latest designation of conglomerates by the Korea Fair Trade Commission, the number of official business groups has risen to 92. Dunamu jumped 17 spots to 36th place in the national corporate ranking, becoming part of the “cross-shareholding restricted business groups”, which include the country’s top conglomerates. Bithumb debuted on the list at 90th.
The commission attributed this rise to the increasing activity in virtual asset markets, particularly boosted by investor interest ahead of the U.S. presidential election and an overall rebound in crypto trading volume. Dunamu’s total assets surged from 9.47 trillion won to 15.87 trillion won, while Bithumb’s growing customer deposits helped it cross the 5 trillion won threshold required for designation.
Meanwhile, the top ten business groups remained stable, led by Samsung, SK, Hyundai Motor, and LG. Changes occurred within the rankings as Lotte overtook POSCO, and NongHyup moved ahead of GS due to varying asset performances.
While the crypto sector rose, the insurance sector faltered—companies like Kyobo Life, DB Insurance, and Hyundai Marine & Fire Insurance dropped in the rankings due to valuation pressures and capital decreases following regulatory changes.
The designation as a business group brings regulatory responsibilities, including mandatory disclosure of internal transactions and restrictions on unfair advantages for related parties. Groups in the cross-shareholding category face additional constraints such as bans on circular shareholding and debt guarantees.
Officials noted that the structural shift toward new industries like blockchain and defense indicates a transformation in Korea’s corporate landscape, with the crypto sector no longer seen as speculative but as a core industry influencing national capital markets.
