[South Korea's Financial Services Commission Proposes Limiting Major Shareholders' Stake in Crypto Exchanges] The South Korean Financial Services Commission has proposed defining exchanges with over 11 million users (Upbit, Bithumb, Coinone, and Korbit) as core infrastructure for virtual asset circulation and suggested limiting major shareholders' stake to 15% to 20%. The Financial Services Commission pointed out that a few founders and shareholders exert excessive control over the operation of exchanges, which poses issues, and recommended establishing a major shareholder eligibility review system similar to the alternative trading system (ATS) under capital market laws to improve ownership structures.