South Korean ruling party to cap crypto exchange shareholder stakes at 34%

South Korea's ruling Democratic Party is moving to cap the stakes of major shareholders in cryptocurrency exchanges at 34% under a planned Digital Asset Basic Act, ZDNet Korea reported. The party has reached an agreement with the country's Financial Services Commission on the proposal and plans to introduce the bill following final approval from a party-government consultative body. The proposed limit would apply uniformly to all exchanges, both new and existing. The Democratic Party aims to hold a consultative meeting to discuss the act this month.