Korea FSC pushes 20% ownership cap for Upbit and Bithumb major shareholders

The Democratic Party's digital-asset task force and the FSC are moving to classify exchanges with more than 11 million users as core infrastructure and impose a 20% ownership cap. Upbit chairman Song Chi-hyung, who holds 25.52%, could face pressure to sell up to 10 percentage points. The May 22 Naver-Dunamu shareholder meeting becomes the pivot.