Korea Exchange Tightens KOSDAQ Rules on Crypto Treasury Business Shifts

The Korea Exchange (KRX) announced revised KOSDAQ listing regulations effective July 2, 2026. Companies that entered the market through the technology special‑listing program will face a substantive delisting review if they change their primary business within five years, specifically targeting shifts to digital‑asset or cryptocurrency treasury operations. The rule cites a biotechnology firm that transferred control to an overseas digital‑asset business and became a crypto investment vehicle, arguing that the original technology‑based qualification no longer applies. In addition, firms receiving temporary delisting exemptions must now disclose value‑enhancement plans during the grace period. The amendments aim to protect investors and preserve confidence in the KOSDAQ market by preventing covert pivots to crypto‑focused models.

The changes affect roughly 88 % of the 105 KOSDAQ companies that qualified via the tech‑exception process, many of which have yet to meet projected revenue and profit targets, raising regulator concerns about the validity of their original growth assumptions.