South Korea’s Digital Asset Basic Act to cap exchange major shareholder stakes at 15-20%

The ownership cap and licensing shift are the structural core here: they convert exchange approval from a reporting formality into a discretionary gate, and the 15-20% ceiling directly challenges the concentrated ownership structures many Korean exchanges have operated under. The transition window is the pressure point — existing operators face a defined period to restructure cap tables or seek new backers, and the bank-led stablecoin expectation suggests regulators want incumbents' banking partners closer to the issuance layer. The strict-liability compensation clause is the sleeper item, since it shifts hack and outage risk onto operators regardless of fault. Whether the bill is published as drafted, and how the transition period is calibrated, is the open question.