TL;DR:
- The Korea Exchange modified listing rules on July 2, 2026, to subject firms that change their main business within five years of their IPO to a formal delisting review process.
- Data from the Financial Supervisory Service indicate that 79.1% of the companies that used the tech-exception process between 2022 and 2024 failed to meet their revenue and operating profit projections.
- New market capitalization rules for the KOSDAQ require a minimum of 20 billion won for the second half of 2026, a figure that will increase to 30 billion won starting in January 2027.
This Thursday it was revealed that KOSDAQ listing rules underwent structural modifications. The Korea Exchange (KRX) made this decision to curb the covert transition of tech firms toward crypto-asset investments. The regulator seeks to prevent corporations approved under special regimes from using public capital to transform into digital investment vehicles without proper oversight.
KOSDAQ tightens tech exceptions
The tech-exception program—introduced in 2015—allowed firms with strong technical potential but limited revenue to access capital, granting them a grace period of three to five years against certain delisting requirements. The Financial Supervisory Service (FSS) reported that 88.6% of the 105 KOSDAQ companies that qualified for their IPO pricing based on 2022–2024 projections used this pathway.
A case cited by KRX representatives involved a biotechnology company that, after formally listing, transferred control of its operations to an overseas digital asset business. The KRX determined that this pivot undermined the technical growth fundamentals for which the company initially received listing approval.
Starting July 2, 2026, any business change toward the crypto environment by these firms will trigger substantive listing reviews. According to reports from Chosun Ilbo, companies will also face pressure from new market capitalization thresholds. If a company remains below the required minimum for 30 consecutive trading days, it will receive the designation of “managed stocks” and will have 90 days to correct its situation before facing delisting.
At the end of June 2026, the firm Bitmax was in violation with a capitalization of 13.1 billion won, while entities such as Bitplanet and Parataxis Ethereum remained above the current minimum but below the requirement set for 2027.
Acceleration of delistings and disclosure reforms
The reforms implemented by the KRX narrow the regulatory channels for corporations seeking to replicate institutional Bitcoin treasury strategies, a concept adopted locally by firms that emerged following the acquisition of listed companies.
The latest report from Seoul Economic Daily indicates that the modifications replace the old unconditional delisting exemption with the obligation to publish detailed plans to enhance corporate value. Furthermore, the stock exchange operator established an independent disclosure system focused on companies with low price-to-book ratios.
The substantive review process for delisting was shortened from three stages to two, reducing the maximum improvement period allowed from two years to just twelve months. Data published by Seoul Economic Daily suggest that the KRX will add specific review criteria for sectors such as advanced robotics, cybersecurity, and Korean content during the second half of 2026.
Projections shared by Kim Sung-cheon, head of the KRX disclosure systems team during the 30th anniversary celebration of KOSDAQ, indicate that around 50 companies could be delisted under this market capitalization adjustment phase alone, with processes projected to begin execution in August 2026.
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