South Korea Says Crypto Exchange Ownership Limits Are Not Targeted

South Korea will strengthen oversight of major shareholders in virtual asset exchanges while rejecting claims that proposed ownership limits target a specific company or individual.

Financial Services Commission Chair 李亿元 said the restrictions are part of the country’s effort to establish a stronger operating framework for exchanges under the Digital Asset Basic Act, which is being advanced.

South Korean exchanges currently operate under a reporting system that requires renewal every three years. The framework is expected to shift to licensing once the law takes effect.

李亿元 said exchanges have an infrastructure-like role and therefore need corresponding public responsibilities.

The proposed rules would apply to major shareholders broadly rather than being designed for a named business or person.