DAXA: "Capping major shareholders’ stakes in exchanges raises concerns about undermining the competitiveness of the digital-asset industry"
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Summary
- The Digital Asset Exchange Alliance (DAXA) said the government’s plan to cap exchanges’ major shareholders’ stakes at 15–20% could hinder the development of South Korea’s digital-asset industry and market.
- DAXA said a contraction in investment in domestic exchanges could lead to user outflows to overseas exchanges and a loss of global competitiveness.
- The group argued that a ‘Galapagos’ approach to regulation could dampen investment and the start-up and venture ecosystem and weaken domestic exchanges’ competitiveness, and should be reconsidered.
The industry voiced opposition, saying the government’s review of a plan to limit the ownership stakes of major shareholders in digital-asset exchanges could hinder market and industry development.
On the 13th, the Digital Asset Exchange Alliance (DAXA)—a consultative body comprising South Korea’s five major crypto exchanges (Upbit, Bithumb, Coinone, Korbit and Gopax)—said in a statement that “the government’s plan to cap major shareholders’ stakes in digital-asset exchanges at around 15–20% could impede the development of South Korea’s digital-asset industry and market. We express grave concern.”
DAXA stressed that digital-asset exchanges are core infrastructure of the domestic digital-asset ecosystem, serving about 11 million users. The group said, “Through continued investment and development, exchanges have the potential to contribute as a growth engine for the Republic of Korea,” adding that “attempts at this juncture to artificially alter private companies’ ownership structures are measures that shake the foundations of an industry that has grown organically.”
In particular, it raised concerns about weakened accountability in management and potential damage to global competitiveness. DAXA said, “Because digital assets circulate across borders, if investment in domestic exchanges contracts, the likelihood of users moving to overseas exchanges increases,” adding that “this could in turn lead to a loss of global competitiveness for domestic exchanges.” It also argued that “major shareholders are not merely financial investors but the ultimate parties responsible for users’ assets,” and that “artificially dispersing equity would dilute ultimate responsibility for the custody and management of users’ assets, potentially undermining the goal of user protection.”
The group also flagged concerns about a chilling effect on entrepreneurship and the investment environment. It said, “Regulation that restricts the ownership structure of private companies that have already entered a growth stage could not only shrink the broader digital-asset industry but also heighten uncertainty in the start-up and venture ecosystem, dampening entrepreneurship and investment.”
It also underscored the need to design regulation aligned with global standards. DAXA argued, “As the National Assembly pushes to enact the Framework Act on Digital Assets, including the introduction of won-denominated stablecoins, a ‘Galapagos’ approach to regulation could prompt user outflows and weaken the competitiveness of domestic exchanges. Only institutional design aligned with global standards is the way to safeguard the national interest.” It added, “At a time when we should be considering the development of the digital-asset industry, regulations that could undermine protection of property rights and the market economic order should be reconsidered.”
