South Korea's financial regulatory authorities are drafting a new regulation—limiting the shareholding ratio of major shareholders in cryptocurrency exchanges to between 15% and 20%. Once this move was announced, the academic community erupted. Some voices pointed out that such mandatory restrictions could infringe on property rights, pose constitutional risks, and are inconsistent with international practices.

Rather than simply imposing a cap on shareholding ratios, many experts suggest a different approach: strengthen the due diligence on major shareholders to ensure that only qualified and ethical individuals are involved; simultaneously improve the exchange's board structure and internal control mechanisms to establish a more comprehensive system of checks and balances; promote a long-term IPO mechanism, allowing shareholding dispersion to occur naturally through listing, which can both ensure responsible management and facilitate fundraising channels.

In short, instead of restricting the identity of major shareholders, it is better to optimize corporate governance and let the system itself constrain issues.