Meritz Securities on the 27th said NAVER, which recently decided to merge Dunamu and Naver Financial, is expected to be the biggest beneficiary of phase-two digital asset legislation. Naver's previous closing price was 263,500 won.
On the 26th, Naver and Dunamu resolved through their boards to merge Naver Financial and Dunamu at a stock swap ratio of 1 to 2.54. The two companies are expected to unveil their business plans at a joint press conference that day.
Meritz Securities forecast that the merged entity will be the biggest beneficiary of phase-two digital asset legislation. The firm is focusing on the potential for new businesses from stablecoins (transaction fee reductions + interest revenue) and tokenization.
Researcher Lee Hyo-jin at Meritz Securities said, "We focus on transaction fee reductions through stablecoins, interest revenue, and the potential for new businesses from tokenization."
The National Assembly and the government are also discussing bills related to digital assets and a stablecoin bill. Lawmaker Lee Jeong-mun, who leads the Democratic Party's digital asset task force (TF), said, "There is word that the government is preparing (responsive legislation) by late November or early December."
Financial Services Commission (FSC) Chairman Lee Eog-weon also pledged during the National Assembly audit to submit a bill related to a won-denominated stablecoin within the year.
The researcher explained that "it is more reasonable to expect to reduce fees that were paid to existing card companies through payments and to earn interest revenue, rather than from the act of issuing stablecoins itself."
Assuming Korea's stablecoin-related bill is similar to the United States, a look at the U.S. "GENIUS Act" shows that interest cannot be paid to coin holders. The researcher added, "And U.S. corporations such as Circle and Coinbase are the ones enjoying this part."
At the same time, the analysis said the merged entity appears to have greater visibility in a structure where it plays a mainnet role like Coinbase and receives interest revenue than in issuance and distribution revenue.
In addition, the tokenized securities (STO) bill is expected to pass the National Assembly plenary session, increasing the likelihood that a market will form. Overseas, there is a clear trend of listing stock tokenized securities centered on cryptocurrency exchanges.
The researcher said, "After Europe passed MiCA, a comprehensive crypto-asset regulatory framework, stock tokenization increased 7,700%," and added, "If Korea moves in a similar direction, the merged entity, which owns Upbit, the global No. 5, will expand its business beyond a simple cryptocurrency exchange into the domain of traditional financial companies."