South Korea plans to limit the shareholding ratio of major shareholders in virtual asset exchanges, similar to the ATS standard.

According to KBS, the South Korean Financial Services Commission (FSC) proposed in its "Basic Act on Digital Assets" submitted to the National Assembly that Upbit, Bithumb, Coinone, and Korbit—the four major virtual asset exchanges—be designated as "core infrastructure" for the circulation of virtual assets, and require them to comprehensively adjust their governance structures. The FSC recommends introducing a shareholder eligibility review mechanism, referencing the standards for alternative exchanges (ATS) under the Capital Markets Act, and limiting major shareholders' shareholdings to between 15% and 20%. If this plan is implemented, Upbit's operators, Dunamu, Bithumb, and Coinone, may need to undergo large-scale equity restructuring.