South Korea’s FSC denies outside influence on exchange ownership cap, says Digital Asset Basic Act is in final stage

South Korea’s Financial Services Commission denied that a proposed cap on major shareholders’ stakes in virtual asset exchanges was pushed by outside parties, according to remarks made during a parliamentary audit. FSC Chairman Lee Eok-won said the measure stems from a regulatory shift in which exchanges are moving from a reporting-based framework to a licensing regime, a change he said requires a higher level of public accountability and responsibility. Lee also said interagency coordination over the proposed Digital Asset Basic Act has reached its final wrap-up stage. He said the FSC will speed up the legislative process while seeking to build a stable and compliant crypto market structure. In his remarks, Lee added that the framework would take into account both the development of won-denominated stablecoins and broader international regulatory trends. The update was carried by Techub News and attributed to Wu Blockchain.