South Korea plans to limit major shareholders of cryptocurrency exchanges to 15% to 20% of their shares, potentially leading to equity adjustments for exchanges like Upbit.

PANews reported on December 30th that, according to KBS, South Korea's Financial Services Commission, in its proposed "Basic Act on Digital Assets" submitted to the National Assembly, suggested limiting the shareholding ratio of major shareholders in the country's four major virtual asset exchanges (Upbit, Bithumb, Coinone, and Korbit) to between 15% and 20%. This measure aims to prevent a small number of founders and shareholders from controlling the exchanges' operations. If implemented, Song Chi-hyung, chairman of Upbit's parent company Dunamu, may be forced to sell approximately 10% of his shares. Bithumb, Coinone, and other platforms will also face significant changes in their governance structures, raising concerns within the industry about excessive government regulation.