South Korea’s Financial Services Commission has proposed limiting major shareholders of crypto exchanges to 15–20% ownership.
The proposal was unveiled in late December and has introduced uncertainty for the industry heading into 2026.
If adopted, the rule would force founders and controlling shareholders of leading exchanges to divest large stakes.
The measure forms part of the proposed Digital Asset Basic Act aimed at reshaping exchange governance.
Regulators want exchanges to operate more like public financial infrastructure rather than founder-led companies.
The plan would replace the current registration system with a full licensing regime overseen by the FSC.
Major shareholders would face fitness and suitability reviews similar to those in traditional finance.
The industry entered 2026 under a cloud of regulatory uncertainty.
One exchange executive said.
Naver’s planned merger with Dunamu is directly affected due to incompatibility with the proposed ownership limits.
Mirae Asset’s intended acquisition of Korbit also faces uncertainty under the new framework.
Analysts say large investments without management control weaken the strategic logic of such deals.
The proposal could ease long-standing restrictions separating traditional finance from crypto businesses.
Regulators appear open to allowing banks and asset managers to hold exchange stakes.
Exchange operators warned the rules could reduce accountability and weaken domestic competitiveness.