South Korea’s Financial Services Commission is pushing to release the government’s draft Digital Asset Basic Act this month. One provision would cap major shareholders’ stakes in exchanges at 15%–20%, with existing platforms potentially given a 1–2 year transition period to sell any excess shares. Limiting major shareholders’ voting rights has been listed as an alternative, while exchange entry requirements would also shift from a registration system to a licensing system.

A stake cap could reshape the landscape more than licensing: licensing regulates who can enter the market, while a stake cap regulates how power is divided among those already in it. The ownership structures of leading exchanges would have to be reorganized. And mandatory share sales and limits on voting rights are two different things: the former affects ownership, while the latter affects only influence.

In the same draft, stablecoin issuance is expected to be led by consortia headed by banks. Exchanges would be liable for losses caused by hacking or system failures, even without fault; reports cite Bithumb’s Bitcoin payment error earlier this year as one example of the context. Next, watch for the text released this month to see whether the cap is set at 15% or 20%.

#韩国监管 #DigitalAssetBasicAct