FSC chief cautious on uniform 15% cap for exchange stakes, urges review

Lee Eog-won, chairman of South Korea’s Financial Services Commission (FSC), has expressed a reserved stance on the government's plan to cap major shareholder stakes in crypto exchanges at 15%, Money Today reported. Speaking at a briefing before the National Assembly's National Policy Committee on Feb. 5, Lee questioned who would invest or drive innovation under a uniform cap, suggesting that ownership limits should be tiered. He noted that the exchange market is nearly a monopoly, with latecomers holding a combined market share of under 3%. Forcing companies with less than 1% of the market to diversify their major shareholder stakes would leave no one to invest, he argued, adding that various opinions on the matter need to be considered. Separately, regarding a government policy to recognize consortiums where a bank's stake exceeds "50% + 1 share" as stablecoin issuers, Lee stated that the FSC is not favoring any specific business sector.