South Korea's Financial Services Commission: Regulations on shareholding limits for major shareholders of virtual asset trading platforms are not targeted at specific individuals or companies.

October 10, according to Yonhap News Agency, South Korea's Financial Services Commission Chairman Lee Eok-won stated that the provisions in the upcoming Digital Asset Basic Act regarding restrictions on major shareholders' equity in virtual asset trading platforms are not targeted at specific individuals or companies, but take into account the higher public responsibilities that trading platforms must bear after institutionalized operations. Currently, South Korean virtual asset trading platforms operate under a declaration system renewed every 3 years, and will transition to a licensing system after the Digital Asset Basic Act is implemented. Lee Eok-won said that trading platforms have infrastructure characteristics and need to possess publicness and responsibility commensurate with their status.