DAXA opposes proposed cap on crypto exchange ownership

South Korea's Digital Asset Exchange Alliance (DAXA) issued a statement on Jan. 13 expressing strong opposition to a government proposal that would cap a major shareholder's stake in a cryptocurrency exchange at 15-20%. According to Yonhap News, DAXA argued that the plan could hinder the development of the domestic digital asset industry and market. The alliance also warned that such a rule could cause South Korean users to move to overseas exchanges. DAXA emphasized that at a time when the focus should be on developing the digital asset industry, regulations that could undermine property rights and the market economy order should be reconsidered.