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FSC Proposes Limiting Major Shareholders' Ownership in South Korean Crypto Platforms to 15% to 20%
Summary: According to KBS, the Financial Services Commission (FSC) of South Korea's report to the National Assembly on the Basic Digital Asset Law indicates that domestic crypto exchanges with 11 million users (Upbit, Bithumb, Coinone, and Korbit) are considered core infrastructure for virtual asset circulation. The FSC believes that a few founders and shareholders exert excessive ...
According to KBS, the Financial Services Commission (FSC) of South Korea's report to the National Assembly on the Basic Digital Asset Law indicates that domestic crypto exchanges with 11 million users (Upbit, Bithumb, Coinone, and Korbit) are considered core infrastructure for virtual asset circulation. The FSC believes that a few founders and shareholders exert excessive control over the operation of the exchanges and suggests limiting the ownership distribution of major shareholders to between 15% and 20%. Holding up to 30% of shares is only allowed in special cases approved by mutual funds or the FSC. If these standards are confirmed, the operator of Upbit (South Korea's largest crypto platform), Dunamu, may be affected as the chairman of Dunamu holds around 25% of Upbit's shares. Bithumb is also within the scope, with Bithumb Holdings Limited holding 73% of shares. The South Korean crypto industry has criticized this move, stating that the government is attempting to impose excessive regulation beyond market norms.
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Link: FSC Proposes Limiting Major Shareholders' Ownership in South Korean Crypto Platforms to 15% to 20% [Copy]
