Democratic Party task force advisers voice concern over crypto exchange ownership cap

An advisory committee for the Democratic Party's Digital Asset Task Force has expressed concern that a push by South Korea's Financial Services Commission (FSC) to limit major shareholder stakes in crypto exchanges could hinder the market's development. According to Money Today, the committee argued that more in-depth discussion is needed to determine whether limiting ownership stakes is an appropriate and effective measure. The advisers suggested that risks of control by a few founders or shareholders and potential conflicts of interest should be addressed by establishing legal and institutional frameworks for monitoring, checks and balances, and post-facto accountability for illegal activities, rather than through direct ownership restrictions. The FSC had previously included a provision in a basic act on digital assets to cap major shareholder stakes in virtual asset exchanges at 15% to 20%.