FSC reconfirms plan to cap major shareholder stakes at crypto exchanges

South Korea’s financial authorities have reiterated their intention to limit the ownership stake of the largest shareholders in domestic cryptocurrency exchanges, Money Today reported. The Financial Services Commission (FSC) summoned executives from the country's five major exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—to inform them of the policy. The move is seen as a final notification before the government finalizes its version of the Digital Asset Basic Act, the second phase of virtual asset legislation. During the meeting, the FSC explained the main contents of the proposed government bill and reaffirmed its commitment to legislating the shareholder cap. The five exchanges and the Digital Asset eXchange Alliance (DAXA) reportedly expressed their concerns about the plan.