News excerpt | South Korea’s Financial Services Commission responds to controversy over limits on major shareholders’ stakes in virtual asset exchanges: strengthening regulatory accountability, not targeting any specific company
According to Yonhap News, Financial Services Commission Chairman Lee Eok-won said that the provision in the proposed Digital Asset Basic Act limiting major shareholders’ stakes in virtual asset exchanges was not introduced at the direction of any particular person, but reflects the need for exchanges to assume greater public responsibilities once they are institutionalized. Speaking during a parliamentary audit by the National Assembly’s Political Affairs Committee, Lee said that South Korean virtual asset exchanges currently operate under a system requiring them to renew their registration every three years. Once the Digital Asset Basic Act takes effect, however, exchanges will transition to an institutionalized operating model that requires them to obtain licenses.
Pay particular attention to the regions where the rules apply, the businesses covered, and the implementation timeline.
This does not constitute investment advice.
According to Yonhap News, Financial Services Commission Chairman Lee Eok-won said that the provision in the proposed Digital Asset Basic Act limiting major shareholders’ stakes in virtual asset exchanges was not introduced at the direction of any particular person, but reflects the need for exchanges to assume greater public responsibilities once they are institutionalized. Speaking during a parliamentary audit by the National Assembly’s Political Affairs Committee, Lee said that South Korean virtual asset exchanges currently operate under a system requiring them to renew their registration every three years. Once the Digital Asset Basic Act takes effect, however, exchanges will transition to an institutionalized operating model that requires them to obtain licenses.
Pay particular attention to the regions where the rules apply, the businesses covered, and the implementation timeline.
This does not constitute investment advice.