South Korea's ruling party to exclude crypto exchange ownership cap from bill

South Korea's ruling Democratic Party has decided not to include regulations on cryptocurrency exchange ownership in its proposed Digital Asset Basic Act, Hankyung TV reported. The bill is also set to address the introduction of a won-backed stablecoin. Following a closed-door meeting of the party's Digital Asset Task Force today, chairman Lee Jeong-mun said there was a general consensus that including the ownership rules would be problematic due to timing and legislative strategy. Previously, South Korea's Financial Services Commission had considered a plan to limit a single major shareholder's stake in a crypto exchange to 20%.