South Korean exchange heads to meet lawmakers over proposed stake limits

Heads of South Korean crypto exchanges are set to meet with the National Assembly's Political Affairs Committee on Feb. 4 to convey industry concerns over a proposal to cap major shareholder stakes, News1 reported exclusively. The meeting is viewed as an opportunity to directly address worries about a plan being reviewed by South Korea's Financial Services Commission (FSC) to limit a major shareholder's stake in an exchange to between 15% and 20%. The measure is part of the second phase of virtual asset legislation and aims to introduce shareholder eligibility reviews comparable to those for Alternative Trading Systems (ATS) in the capital markets. The FSC has reportedly circulated a document outlining the proposal to some members of the committee. The Democratic Party's task force aims to introduce the second-phase bill before the Lunar New Year holiday.