South Korea's Financial Services Commission: Regulations limiting major shareholders' holdings at crypto exchanges were not externally orchestrated, and the Digital Assets Basic Ac

On October 10, according to Yonhap News Agency, Lee Yi-yuan, Chairman of the South Korea Financial Services Commission (FSC), stated during a national administrative audit by the Political Affairs Committee of the National Assembly that the push to implement regulations restricting the shareholding ratios of major shareholders of virtual asset exchanges "was not done at anyone's instruction." This rule aims to align with regulatory requirements for transitioning exchanges from a reporting system to a licensing system, thereby strengthening the public interest and accountability expected of them as critical infrastructure. Previously, opposition lawmakers questioned whether the last-minute insertion of this provision was influenced by specific venture capital firm Hashed and former officials.

Lee Yi-yuan also revealed that inter-agency consultations regarding the Digital Assets Basic Act have entered their final stage. The Financial Services Commission is accelerating the legislative process to build a sound digital asset ecosystem. Regarding issues such as the categorization of won-denominated stablecoins and the operation of Virtual Asset Service Provider (VASP) licenses, he stated that these will be advanced at the policy level based on market conditions, ensuring steady development while aligning with international standards.