The South Korean academic community questions the restriction on the shareholding ratio of major shareholders in CEX: it may be unconstitutional and inconsistent with international practices

In response to the South Korean financial authorities' discussion on limiting the shareholding ratio of major shareholders in virtual asset exchanges to the range of 15% to 20%, several scholars expressed cautious attitudes at the seminar on "The Direction of Institutionalization of Stablecoin Issuance and Trading Infrastructure" held on January 16. Professor Moon Cheol-woo from Sungkyunkwan University's Business School pointed out that forcibly compressing the shareholding ratio of major shareholders may touch upon property rights protection issues, posing a risk of unconstitutionality.

He also mentioned that comparing the equity structures of Binance and Coinbase, it is not uncommon globally for founders to maintain a high shareholding ratio, and such restrictive measures may contradict the international trend of emphasizing responsible management.

Additionally, Professor Kim Yoon-kyung from Incheon University believes that directly intervening in the equity structure through ratio limits is too radical and may weaken the industry's innovation and development momentum. Several experts at the meeting suggested that regulatory authorities 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.