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South Korea Sets 20% Ownership Cap for Major Shareholders of Cryptocurrency Exchanges
BlockBeats News, March 4th. According to Yonhap News Agency, the South Korean government and the ruling party have reached an agreement on the restriction of major shareholders of digital asset exchanges, setting the limit at 20%. This standard will be uniformly applied to all exchanges, with a grace period of 3 years after the law is implemented. However, for exchanges that have not reached a specific market share, the grace period will be extended by an additional 3 years.
The day before, the Digital Assets Special Task Force of the South Korean ruling party, the Democratic Party, discussed a key issue regarding digital assets with the Financial Services Commission – the limit on major shareholders of exchanges. It is reported that the Task Force and the Financial Services Commission reached a consensus at the meeting: the limit on major shareholder ownership is set at 20%, but based on exceptions determined by the Financial Services Commission in the enforcement decree, new companies can relax this limit to 34%. This 34% provision only applies to new market entrants, with the figure referencing the veto power threshold in the Corporate Law (33.3%).
The grace period for the enforcement of the major shareholder ownership limit is 3 years. However, exchanges that have not met specific criteria (estimated market share of 20%) can receive an additional 3-year extension. The two exchanges that hold about 90% of the market share, Upbit and Bithumb, must complete the adjustment of major shareholder ownership within 3 years after the law is implemented. Exchanges with relatively lower market shares such as Coinone, Korbit, Gopax, are expected to receive a grace period of up to 6 years.
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