South Korean academics question restrictions on the shareholding ratios of major shareholders in cryptocurrency exchanges: They argue these restrictions may be unconstitutional and inconsistent with international practice.

Several scholars expressed caution at a seminar on "Institutionalization of Stablecoin Issuance and Trading Infrastructure" held on January 16, regarding the South Korean financial authorities' proposal to limit the shareholding ratio of major shareholders in virtual asset exchanges to between 15% and 20%. Moon Cheol-woo, a professor at the Graduate School of Business Administration at Sungkyunkwan University, pointed out that forcibly reducing the shareholding ratio of major shareholders could raise issues of property rights protection and pose a constitutional risk. He also mentioned that comparing the equity structures of Binance and Coinbase, it is not uncommon for founders to maintain a high shareholding ratio globally, and such restrictions might contradict the international trend of emphasizing responsible management. Furthermore, Kim Yoon-kyung, a professor at Incheon University, believes that directly intervening in the equity structure through percentage restrictions is too aggressive and could weaken the industry's innovation and development momentum. Several experts at the seminar suggested that regulators could guide equity dispersion and compliant development by strengthening the qualification review of major shareholders and improving IPO-related systems, rather than adopting mandatory divestiture arrangements. (News1)