According to HashNews, the Financial Services Commission (FSC) proposed in its Digital Asset Basic Act submitted to the National Assembly to cap major shareholders' ownership in South Korea's four largest virtual asset exchanges—Upbit, Bithumb, Coinone, and Korbit—at 15% to 20%. The move aims to prevent a small group of founders or large token holders from controlling exchange operations. If implemented, Upbit's parent company Dunamu's chairman, Song Ji-hyeon, may be required to sell around 10% of his shares. Bithumb and Coinone are also expected to undergo major governance changes, raising concerns in the industry about excessive government regulation.
South Korea Proposes Limiting Major Shareholders' Ownership in Top Exchanges to 15%-20%
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Summary
South Korea is pushing a new rule to limit major shareholders' ownership in top exchanges to 15%-20%, according to top altcoin news. The FSC’s Digital Asset Basic Act targets Upbit, Bithumb, Coinone, and Korbit. The proposal aims to prevent concentrated control by founders or large token holders. Song Ji-hyeon, Upbit’s chairman, may need to sell 10% of his stake. Bithumb and Coinone face governance changes, sparking concerns over digital asset news and regulatory overreach.
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