The proposal by South Korean regulators to limit the shareholding ratio of major shareholders in crypto exchanges has sparked widespread controversy. Industry and legal circles generally oppose this plan, citing obvious issues.

Insiders point out that crypto exchanges have long established a self-regulatory framework through DAXA (Digital Asset Exchange Alliance). Under this mechanism, major shareholders find it difficult to make significant decisions alone—important matters require multi-party consultation to proceed. Forcibly restricting shareholding to 15% is essentially overregulation that demonstrates a lack of understanding of the industry's operational characteristics.

This policy overlooks the actual operational models and risk control methods of digital asset exchanges. Some believe that, compared to rigid equity caps, the existing self-regulatory system better aligns with industry development needs and can more effectively protect investors. For leading platforms like Naver-Dunamu, such policy changes are bound to trigger chain reactions.