Alongside the corporate cap debate, regulators are considering an ownership ceiling for crypto exalters. The proposal would limit major shareholders’ stakes to 15% to 20%. The (FSC) declared the cap could reduce conflicts of interest. The FSC also framed exalters as a form of public infrastructure.
FSC Chairman Eog Weon Lee declared that governance standards should align with exalters’ public role. He created the remarks at a press conference on January 28.
“As crypto exalters are now officially recognized as part of the financial system, we must create a governance structure that befits their status,” Lee declared.
Rich O argued that the proposal focapplys on control of future KRW stablecoin distribution. He declared authorities want to dilute influence at large platforms like Upbit and Bithumb. The proposal could require Chi Hyung Song to sell a 10% portion of his reported 25% stake in Dunamu. Rich O estimated a 10% stake at about 3 trillion KRW.
In addition, the cap could hinder Naver’s plans to acquire Dunamu and take full control of its shares. The Digital Asset eXalter Alliance (DAXA) criticised the plan and warned it could hinder growth. Scholars at the National Assembly of South Korea also called the cap excessive and globally unprecedented.
Professor Yoon Kyung Kim declared ownership diversity usually follows growth and fundraising. Professor Cheol Woo Moon declared forced sales could trigger legal disputes and constitutional appeals.
Leave a Reply