South Korean Crypto Exensions Oppose FSC’s Proposed Ownership Limits
South Korea's Digital Asset Exchange Alliance (DAXA), comprising major domestic exchanges like Upbit, Bithumb, Korbit, Coinone, and Gopax, has vehemently opposed the Financial Services Commission's (FSC) proposal to cap digital asset ownership for private firms at 15-20%. The alliance argues such restrictions WOULD stifle innovation and weaken investor protections in the country's burgeoning crypto sector.
The FSC's measure, part of the upcoming Digital Asset Basic Act, aims to mitigate risks from concentrated ownership as South Korea prepares to roll out won-pegged stablecoins and spot crypto ETFs. DAXA counters that altering private enterprises' ownership structures undermines market foundations at a critical juncture for institutional adoption.
