Odaily Planet Daily reports that the Korea Digital Asset Exchange Association (DAXA) has issued a statement strongly opposing the government’s proposed shareholding restrictions. The Korea Financial Services Commission (FSC) previously suggested limiting the shareholding ratio of major shareholders in cryptocurrency exchanges to between 15% and 20% to address governance risks caused by ownership concentration. DAXA stated that such restrictions would severely hinder the development of the country’s digital asset industry, and artificially changing the ownership structure of private companies would undermine the foundation of this emerging industry.
DAXA further pointed out that, due to the unrestricted circulation of digital assets worldwide, if domestic exchange investments cannot be sustained, it will lead to a loss of international competitiveness and push holders to move to overseas platforms. Additionally, artificially dispersing ownership would weaken the ultimate responsibility of major shareholders for user asset custody and management, damaging user protection. The proposed restriction is one of the review measures under the “Digital Asset Basic Law,” and related legislation is expected to be completed in the first quarter of this year.
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