In plain English: South Korea isn’t trying to control crypto prices this time—it’s targeting exchange owners. The Financial Services Commission’s draft Digital Asset Basic Act is due out this month. Its key proposal: cap major shareholders’ stakes in exchanges at 15% to 20%. Bithumb Holdings currently owns 73.56%, so under a 20% cap it would have to give up more than half its stake. Upbit’s founder owns 25.52%, so they’d have to cut back too. The draft allows for a transition period, with legislation targeted for completion within the year. The official reasoning is that exchanges used by 11 million people have become critical infrastructure, and shouldn’t be controlled by a handful of founders. Industry association DAXA has publicly objected, arguing the proposal infringes on property rights. I’m on the regulators’ side: if you’re running critical infrastructure with users’ assets, you can’t expect to keep operating like a family business. $BTC $BNB continues to hover around 75,600. Tuesday’s CPI report will be the real judge. South Korea’s move is about ownership, and probably won’t have much short-term impact on crypto prices. Just my opinion, not financial advice.

One last question: does capping major shareholders at 20% protect users, or drive innovation away? Which side are you on?

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