South Korea’s Financial Services Commission said the proposed shareholding limits for major shareholders of virtual asset exchanges in the Digital Asset Basic Act are not aimed at any specific person or company. According to Odaily, FSC Chairman Lee Eok-won said the rule reflects the higher public responsibility exchanges must bear once they are institutionalized.

Lee said South Korea’s virtual asset exchanges currently operate under a reporting system renewed every three years, but would shift to a licensing regime after the Digital Asset Basic Act takes effect. He added that exchanges have infrastructure-like characteristics and must meet the level of public responsibility and accountability that comes with that role.