South Korean crypto execs raise concerns over proposed stake limits

Executives from South Korea's leading exchanges offering KRW trading pairs have met with Lee Jeong-mun, head of the ruling Democratic Party's Digital Asset Task Force, to voice concerns over proposed limits on major shareholder stakes, Digital Asset reported. The meeting included Dunamu CEO Oh Kyung-seok, Bithumb CEO Lee Jae-won, Coinone Co-CEO Cha Myung-hoon, and Kim Jae-jin, executive vice chairman of the Digital Asset eXchange Alliance (DAXA). The concerns stem from a plan previously drafted by South Korea’s Financial Services Commission (FSC) that would cap the ownership stake of any single major shareholder in a crypto exchange at 15-20%. The proposal was part of a document on the second phase of digital asset legislation shared with members of the National Assembly's Political Affairs Committee.