Südkoreas Behörden planen Obergrenze für Großaktionärsbeteiligungen bei 15-20% für die vier größten Krypto-Börsen des Landes

Die südkoreanische Finanzaufsicht (FSA) greift durch – und zielt direkt auf die Machtstrukturen der Krypto-Industrie ab. Ein neuer Regulierungsentwurf sieht vor, die Beteiligungen von Großaktionären an den vier führenden Handelsplattformen des Landes massiv zu beschneiden.

Die neue Obergrenze: 15 bis 20 Prozent

Der Plan ist eindeutig: Kein einzelner Investor soll künftig mehr als 15 bis 20 Prozent einer Major-Börse kontrollieren. Diese Obergrenze zielt darauf ab, übermäßigen Einfluss zu verhindern und die Corporate Governance zu stärken – ein Schritt, der langfristig für mehr Stabilität sorgen soll, kurzfristig aber bestehende Machtverhältnisse komplett umkrempelt.

Ein Schlag gegen die 'Krypto-Dynastien'

Die Maßnahme trifft den Kern des südkoreanischen Kryptomarktes. Sie zwingt die Gründungsfamilien und frühen Großinvestoren der Top-Börsen, ihren Einfluss zu veräußern oder zu verwässern. Ein regulatorischer Eingriff, der zeigt, dass die Behörden den Sektor nicht länger als Wilden Westen behandeln, sondern als systemrelevante Finanzinfrastruktur – mit allen Pflichten, die dazugehören. Man könnte es auch als genialen Schachzug sehen, um die Profite aus der nächsten Hausse besser zu besteuern.

Die Botschaft ist klar: In Südkoreas Krypto-Zukunft hat konzentrierte Macht keinen Platz. Die Ära der unangefochtenen Kontrolle ist vorbei.

South Korea plans to force crypto exchange owners to sell their shares

According to documents obtained by KBS from the National Assembly, the Financial Services Commission now classifies exchanges that serve over 11 million users as “core infrastructure” for VIRTUAL asset distribution. This classification applies to exchanges like Upbit, Bithumb, Coinone, and Korbit.

The South Korean Financial Services Commission is preparing new legislation that WOULD cap individual ownership of voting shares between 15% and 20%. The current Capital Market Act regulations limit alternative exchange ownership to 15%, but allow exceptions of up to 30% only with the explicit approval of the Financial Services Commission or for public offering funds.

The Financial Services Commission stated that “there is an issue where a small number of founders and shareholders exercise excessive control over the operation of the exchange.” They also added that “huge operating profits such as fees are concentrated on specific individuals.”

What does this mean for current exchange owners?

Upbit operates through a company called Dunamu and holds the largest market share in the country. Chairman Song Chi-hyung currently owns about 25% of the company, meaning under the new rules, he would need to sell between 5-10% of his shares. 

As reported by Cryptopolitan, Dunamu is currently pursuing a merger with Naver Financial through a comprehensive stock exchange, but the new ownership restrictions are “a big variable” in the deal’s completion.

Bithumb Holdings currently owns 73% of Bithumb exchange shares. Under the proposed regulations, the company will be forced to sell more than half of its stake in the company. Such a massive selloff could change who controls the company and how it operates. 

Coinone’s Chairman Cha Myung-hoon holds 54% of the company, far exceeding any proposed limit. Meeting the new requirements would force him to sell off more than 34% of his holdings. 

Cryptocurrency industry representatives argue that the government is overstepping reasonable market guidelines and implementing excessive regulation. They also argue that forcing owners to sell their stakes violates basic property rights.

Critics point out that the bill is intended to help crypto businesses grow and protect consumers, but this system will hurt both goals. 

There’s also growing concern around what happens to the shares that owners must sell. If large amounts of exchange stock hit the market at once, it could drive down prices. Current minority shareholders might lose value in their investments. Finding buyers for such large stakes might also prove difficult.

The proposed rules also do not clearly explain whether foreign companies will be allowed to buy the shares despite several global crypto firms expressing interest in the Korean market.

In the meantime, South Korea heads into 2026 with its crypto regulation framework in knots. Although there is a wide consensus on the general framework of the legislation, the controversies regarding the issuance of stablecoins have slowed its completion. The Bank of Korea has assumed the role that, to secure the stability of operations and regulatory control, only consortium structures where banks have at least a 51% majority stake would be allowed to issue stablecoins.

The slowdown in legislation is accompanied by an increase in political attention to the crypto market in South Korea. Kim Byung-ki, the floor leader of the ruling Democratic Party, is under pressure to step down after he was accused of ordering the criticism of the largest crypto exchange in the country, Upbit. Meanwhile, his son got an internship at competitor Bithumb.

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