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>>Emergency regulatory talks push Korean cryptocurrency exchanges into a decisive battle over ownership caps.

Emergency regulatory talks push Korean cryptocurrency exchanges into a decisive battle over ownership caps.

crypthub

1 day ago

Emergency Talks on Ownership Caps

Executives of Upbit, Bithumb, Coinone, Korbit and Gopax met after the FSC draft set a 15‑20% ceiling for major shareholders. Each exchange now has owners with over 30% stakes, so the rule forces divestment or restructuring. The meeting underscored a possible shift in control of Korea’s crypto market.

Legislative Push and Legal Concerns

The Digital Asset Basic Act expands oversight from AML to corporate governance, mirroring bank‑type ownership limits. Critics say the cap violates property rights and could face constitutional challenges. The five exchanges formed a joint group to propose phased, size‑based compliance.

Market Impact and Global Attention

Compliance paths include staged sell‑offs, blind trusts, employee share schemes or partial IPOs. The limit may attract institutional funds but could slow crisis response and spur consolidation. Regulators in Japan, the EU and Singapore are watching South Korea’s unique cap as a possible crypto oversight model.