South Korea's FSC: Crypto Exchange Major Shareholder Holding Limit Rule Not Influenced by Others; Digital Asset Basic Act Legislation in Final Stage

October 10, according to Yonhap News, Financial Services Commission (FSC) Chairman Lee Bok-hyun stated at the National Assembly's Political Affairs Committee audit that the push for restrictions on major shareholder equity ratios at virtual asset exchanges "was not directed by anyone." The rule is designed to align with the regulatory transition of exchanges from a registration system to a licensing system, strengthening their public nature and accountability as infrastructure. Previously, some opposition lawmakers questioned whether the clause was abruptly inserted under the influence of specific venture capital firm Hashed and former officials.

Lee Bok-hyun also revealed that inter-agency consultations on South Korea's Digital Asset Basic Act have entered the final stage, with the FSC accelerating the legislative process to build a sound digital asset ecosystem. Regarding the types of Korean won stablecoins and the operation of Virtual Asset Service Provider (VASP) licenses, he stated these will be advanced at the policy level in line with market conditions, ensuring steady development while aligning with international standards.

[TechFlow]