South Korea’s FSC conducted no legal review on exchange ownership cap in five years

South Korea’s Financial Services Commission said it has not carried out any internal or external legal reviews or advisory work over the past five years on proposed limits for major shareholders’ stakes in virtual asset exchanges under the Digital Asset Basic Act, according to parliamentary audit materials submitted to Democratic Party lawmaker Park Min-kyu of the National Policy Committee on Sept. 1. According to Edaily, the proposed regulation is expected to raise concerns over property rights violations and restrictions on management control, and criticism is emerging that the lack of a separate legal review during the drafting of the government proposal could create problems later.