South Korean regulators have proposed a policy plan to limit the shareholding ratio of major shareholders in cryptocurrency exchanges to below 15%, sparking widespread industry backlash.

From the perspective of exchange operations, this restriction clearly does not address the core issue. Currently, cryptocurrency exchanges have established a relatively comprehensive self-regulatory framework through DAXA (Digital Asset Exchange Alliance), making it difficult for major shareholders to unilaterally make significant decisions that impact the exchange. This system of checks and balances is already in effect.

Industry insiders point out that rigidly imposing a cap on shareholding ratios not only overlooks the unique nature of the crypto industry but may also disrupt the normal capital structure and operational stability of exchanges. Leading exchanges like Naver-Dunamu have ownership structures fully compatible with industry self-regulation standards, and forcibly pushing for a shareholding cap would be an overreach.

The real challenges faced by cryptocurrency exchanges are not in ownership concentration but in key areas such as trading order, user asset security, and anti-money laundering. Focusing regulatory efforts on these areas will better protect the market while leaving reasonable development space for the industry.