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Upbit. (Photo courtesy of Dunamu) |
[Alpha Biz= Paul Lee] South Korea’s five major cryptocurrency exchanges—Dunamu (Upbit), Bithumb, Korbit, Coinone, and Streami (Gopax)—have jointly issued a formal statement opposing a proposed regulation that would limit major shareholder ownership, marking the first time domestic crypto exchanges have publicly voiced collective opposition to a government policy.
The exchanges, operating under the Digital Asset Exchange Alliance (DAXA), released a statement on the 13th titled “Position on the Proposed Restriction on Major Shareholder Ownership,” expressing “serious concerns that such regulation could hinder the development of Korea’s digital asset industry and market.”
“Attempts to artificially alter the ownership structure of private companies undermine the very foundation of the digital asset industry, which has grown organically through private-sector initiative,” DAXA said.
The group warned that overly restrictive regulation could weaken the competitiveness of Korean exchanges, noting that the digital asset market is inherently borderless. “Galápagos-style regulation risks driving users overseas and eroding the global competitiveness of domestic exchanges,” the statement said. “At a time when policy efforts should focus on fostering the growth of the digital asset industry, regulations that may undermine property rights and the principles of a market economy must be reconsidered.”
The statement was jointly issued in the names of Oh Kyung-seok, CEO of Dunamu; Lee Jae-won, CEO of Bithumb; Oh Se-jin, CEO of Korbit and Chairman of DAXA; Lee Sung-hyun, CEO of Coinone; and Choi Han-gyeol, Vice President of Streami.
Industry observers noted that it is highly unusual for cryptocurrency exchanges to issue a unified public statement directly opposing government policy, particularly under the direct names of their chief executives.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
