According to Foresight News , citing KBS, the Financial Services Commission (FSC) of South Korea has designated exchanges with 11 million users (Upbit, Bithumb, Coinone, and Korbit) as "core infrastructure" for the circulation of virtual assets. The FSC pointed out that "there are problems related to a small number of founders and shareholders exercising excessive control over the overall operation of the exchanges. There have also been suggestions to improve the ownership structure where huge operating profits, such as transaction fees, are concentrated in the hands of specific individuals." Therefore, the FSC's coordination plan explicitly states that a "major shareholder eligibility review system" similar to that of Alternative Trading Systems (ATS) under the Capital Markets Act should be established.
Specifically, a proposal was put forward to limit the ownership dispersion of major shareholders to between 15% and 20%. Under current capital market laws, alternative trading systems, including related parties, are not allowed to hold more than 15% of the voting shares.
