Major Korean exchanges hold urgent talks on proposed ownership cap

Officials from South Korea’s five major fiat-supporting crypto exchanges—Upbit, Bithumb, Coinone, Korbit and Gopax—recently held an emergency meeting to discuss a proposal by financial authorities to cap major shareholder stakes at 20%, Herald Economy reported. According to the report, a draft Digital Asset Basic Act from the Financial Services Commission (FSC) would limit major shareholder ownership to between 15% and 20%. The industry reportedly views the provision as the most contentious part of the proposed legislation, as major shareholders at all five exchanges currently hold stakes above the 20% threshold. However, the report noted that the ruling party opposes the cap and that the measure could face a constitutional challenge if enacted.