<h2>韩国限制主要加密货币交易所的持股比例</h2>
<p>韩国正在加强对其最大的加密货币交易所的监管，目标是包括 Upbit、Bithumb、Coinone 和 Korbit 在内的超过 1100 万用户的平台。</p>
<p>金融服务委员会（FSC）在数字资产框架法下提出了一项新框架，限制个人投票股份的持有比例在 15% 到 20% 之间。</p>
<blockquote>
<p>韩国提议限制加密交易所的持股比例——主要股东限制在 15% 到 20% 之间。</p>
<p>如果这一提案通过，Upbit、Bithumb 等公司的创始人可能被迫出售股份。这是一次重大的治理变革，但也引发了对过度监管的担忧。 pic.twitter.com/cmBQcabVhL</p>
<p>— AVOLA (@Avolaofficial) 2025 年 12 月 30 日</p>
</blockquote>
<p>这一举措迫使当前的主要股东在超过提议限制时出售部分持股，从而重塑该国最知名加密平台的治理结构。</p>
<h2>为什么监管机构针对交易所的持股</h2>
<p>FSC 将高交易量的交易所视为虚拟资产分配的 “核心基础设施”，将其置于类似于资本市场法下替代交易系统的更严格治理标准之下。</p>
<p>监管机构指出，创始人和主要股东的集中控制是主要关注点。</p>
<p>FSC 表示，</p>
<blockquote>
<p>“存在少数创始人和股东对交易所运营施加过度控制的问题。”</p>
</blockquote>
<p>官员们还指出，</p>
<blockquote>
<p>“巨额的运营利润如手续费集中在特定个人身上。”</p>
</blockquote>
<p>委员会强调，分散的持股结构对于保护消费者和维护公平市场运作是必要的。</p>
<p>当前的替代交易所法规已将投票股份的持有比例限制在 15%，在需要明确的 FSC 批准或公共基金参与的情况下，例外可达到 30%。</p>
<p>新规则将类似标准扩展到加密货币平台，根本改变其持股结构。</p>
<h2>谁将受到持股限制的最大影响</h2>
<p>Dunamu，Upbit 的运营商和韩国最大的交易所，将面临显著变化。</p>
<p>董事长宋志亨持有公司约 25% 的股份。</p>
<p>根据新规则，他需要出售 5% 到 10% 的股份。</p>
<p><img src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/2b4e72a593a4ec871024c80aa39e793d.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/2b4e72a593a4ec871024c80aa39e793d.webp"/></p>
<p><em>Dunamu 的董事长宋志亨</em></p>
<p>这一时机增加了复杂性，因为 Dunamu 正在通过全面的股票交易与 Naver Financial 进行合并，使得持股限制成为谈判中的一个重要变量。</p>
<p>Bithumb Holdings 面临更为戏剧性的调整。</p>
<p>目前持有 73% 的股份，该公司将被要求剥离大量股份。</p>
<p>这样的举措可能会彻底重塑 Bithumb 的治理和运营控制。</p>
<p>Coinone 也面临类似的挑战。</p>
<p>董事长车明勋持有公司 54% 的股份，远超提议的限制。</p>
<p>合规将要求他出售超过 34% 的股份，可能影响管理控制和战略决策。</p>
<p><img src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/a2778a5d0f112d547a945e73fb9022f5.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="745" height="496" original-src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/a2778a5d0f112d547a945e73fb9022f5.jpg"/></p>
<p><em>Coinone 的董事长车明勋</em></p>
<h2>行业反对与市场影响的担忧</h2>
<p>加密行业代表批评 FSC 的做法过于严苛。</p>
<p>一位消息人士表示，</p>
<blockquote>
<p>“政府试图施加超出市场指导方针的过度监管。”</p>
</blockquote>
<p>批评者认为，这些措施可能侵犯财产权并破坏公司管理。</p>
<p>担忧还扩展到市场后果。</p>
<p>迫使所有者出售大量股份可能会使市场充斥交易所股份，导致价格下跌，侵蚀现有少数股东的价值。</p>
<p>尽管国际市场对韩国市场有兴趣，但尚不清楚外国投资者是否会被允许收购这些股份。</p>
<h2>政治与监管紧张局势使立法复杂化</h2>
<p>持股限制的实施正值更广泛的监管辩论之中。</p>
<p>稳定币发行规则减缓了相关立法的通过。</p>
<p>韩国银行已表示，只有至少 51% 银行持股的财团结构才被允许发行稳定币。</p>
<p>与此同时，政治审查正在加剧。</p>
<p>执政的民主党党鞭金炳基因涉嫌干预 Upbit 而面临压力，而他的儿子则在 Bithumb 获得了实习机会。</p>
<blockquote>
<p>[金炳基一家的特权与特惠，明智的议会生活]</p>
<p>金炳基的配偶是否正常地指示区议员进行议会活动？实在可以称得上是 “私募总裁”。</p>
<p>还有传言称金炳基的次子在 “Bithumb” 获得了特权就业。助手们曾带着 “金炳基儿子的简历” 四处奔走。</p>
<p>前助手的就业情况… pic.twitter.com/9v13qeKJe9</p>
<p>— 朱镇宇 (@joojinwoo_) 2025 年 12 月 29 日</p>
</blockquote>
<p>这些争议进一步增加了在 2026 年即将到来的不确定监管环境的复杂性。</p>
<p>提议的持股限制标志着韩国加密市场的重大转变，迫使主要股东减少持股，并引发了关于治理、市场稳定性以及外国投资在该国数字资产领域角色的问题。</p>

<p>韩国正在对主要加密货币交易所实施新的股权上限，限制个人投票权股份的持有比例为 15-20%。这一监管措施影响了 Upbit、Bithumb 和 Coinone 等平台，要求主要股东出售部分股份。金融服务委员会（FSC）旨在减少集中控制并增强消费者保护。批评者认为这些措施可能侵犯财产权并导致管理不稳定。提议的变更是在更广泛的监管辩论和政治审查中提出的，表明韩国加密市场治理的重大转变</p>

<h2>South Korea Moves to Limit Ownership Stakes of Major Crypto Exchanges</h2>
<div class="lb-trans"><h2>韩国限制主要加密货币交易所的持股比例</h2>
</div><p>South Korea is tightening control over its largest cryptocurrency exchanges, targeting platforms serving over 11 million users, including Upbit, Bithumb, Coinone, and Korbit.</p>
<div class="lb-trans"><p>韩国正在加强对其最大的加密货币交易所的监管，目标是包括 Upbit、Bithumb、Coinone 和 Korbit 在内的超过 1100 万用户的平台。</p>
</div><p>The Financial Services Commission (FSC) has proposed a new framework under the Digital Asset Framework Act that would cap individual ownership of voting shares between 15 and 20 percent.</p>
<div class="lb-trans"><p>金融服务委员会（FSC）在数字资产框架法下提出了一项新框架，限制个人投票股份的持有比例在 15% 到 20% 之间。</p>
</div><blockquote>
<p>South Korea is proposing a cap on crypto exchange ownership — major shareholders limited to 15–20%.</p>
<p>If this passes, founders at Upbit, Bithumb, and others may be forced to sell stakes. Big governance shift, but also raises overregulation concerns. pic.twitter.com/cmBQcabVhL</p>
<p>— AVOLA (@Avolaofficial) December 30, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>韩国提议限制加密交易所的持股比例——主要股东限制在 15% 到 20% 之间。</p>
<p>如果这一提案通过，Upbit、Bithumb 等公司的创始人可能被迫出售股份。这是一次重大的治理变革，但也引发了对过度监管的担忧。 pic.twitter.com/cmBQcabVhL</p>
<p>— AVOLA (@Avolaofficial) 2025 年 12 月 30 日</p>
</blockquote>
</div><p>The move forces current major shareholders to sell portions of their holdings if they exceed the proposed limits, reshaping the governance of the nation’s most prominent crypto platforms.</p>
<div class="lb-trans"><p>这一举措迫使当前的主要股东在超过提议限制时出售部分持股，从而重塑该国最知名加密平台的治理结构。</p>
</div><h2>Why Regulators Target Exchange Ownership</h2>
<div class="lb-trans"><h2>为什么监管机构针对交易所的持股</h2>
</div><p>The FSC classifies high-volume exchanges as “core infrastructure” for virtual asset distribution, placing them under stricter governance standards similar to alternative trading systems under the Capital Markets Act.</p>
<div class="lb-trans"><p>FSC 将高交易量的交易所视为虚拟资产分配的 “核心基础设施”，将其置于类似于资本市场法下替代交易系统的更严格治理标准之下。</p>
</div><p>Regulators cite concentrated control by founders and top shareholders as a primary concern.</p>
<div class="lb-trans"><p>监管机构指出，创始人和主要股东的集中控制是主要关注点。</p>
</div><p>The FSC stated,</p>
<div class="lb-trans"><p>FSC 表示，</p>
</div><blockquote>
<p>“There is an issue where a small number of founders and shareholders exercise excessive control over the operation of the exchange.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“存在少数创始人和股东对交易所运营施加过度控制的问题。”</p>
</blockquote>
</div><p>Officials also noted,</p>
<div class="lb-trans"><p>官员们还指出，</p>
</div><blockquote>
<p>“huge operating profits such as fees are concentrated on specific individuals.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“巨额的运营利润如手续费集中在特定个人身上。”</p>
</blockquote>
</div><p>The commission emphasises that more dispersed ownership is necessary to protect consumers and maintain fair market operations.</p>
<div class="lb-trans"><p>委员会强调，分散的持股结构对于保护消费者和维护公平市场运作是必要的。</p>
</div><p>Current alternative exchange regulations already limit voting share ownership to 15 percent, with exceptions up to 30 percent requiring explicit FSC approval or public fund involvement.</p>
<div class="lb-trans"><p>当前的替代交易所法规已将投票股份的持有比例限制在 15%，在需要明确的 FSC 批准或公共基金参与的情况下，例外可达到 30%。</p>
</div><p>The new rules extend similar standards to cryptocurrency platforms, fundamentally altering their ownership structures.</p>
<div class="lb-trans"><p>新规则将类似标准扩展到加密货币平台，根本改变其持股结构。</p>
</div><h2>Who Will Be Most Affected by the Caps</h2>
<div class="lb-trans"><h2>谁将受到持股限制的最大影响</h2>
</div><p>Dunamu, the operator of Upbit and South Korea’s largest exchange, will face notable changes.</p>
<div class="lb-trans"><p>Dunamu，Upbit 的运营商和韩国最大的交易所，将面临显著变化。</p>
</div><p>Chairman Song Chi-hyung holds approximately 25 percent of the company.</p>
<div class="lb-trans"><p>董事长宋志亨持有公司约 25% 的股份。</p>
</div><p>Under the new rules, he would need to sell between 5 and 10 percent of his shares.</p>
<div class="lb-trans"><p>根据新规则，他需要出售 5% 到 10% 的股份。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/2b4e72a593a4ec871024c80aa39e793d.webp" alt="" original-src="https://image.coinlive.com/cryptotwits-static/2b4e72a593a4ec871024c80aa39e793d.webp"/></p>
<p><em>Dunamu’s Chairman Song Chi-hyung</em></p>
<div class="lb-trans"><p><em>Dunamu 的董事长宋志亨</em></p>
</div><p>The timing adds complexity as Dunamu is pursuing a merger with Naver Financial through a comprehensive stock exchange, making the ownership limits a significant variable in negotiations.</p>
<div class="lb-trans"><p>这一时机增加了复杂性，因为 Dunamu 正在通过全面的股票交易与 Naver Financial 进行合并，使得持股限制成为谈判中的一个重要变量。</p>
</div><p>Bithumb Holdings faces even more dramatic adjustments.</p>
<div class="lb-trans"><p>Bithumb Holdings 面临更为戏剧性的调整。</p>
</div><p>Currently owning 73 percent of the exchange, the company would be required to divest a substantial portion of its shares.</p>
<div class="lb-trans"><p>目前持有 73% 的股份，该公司将被要求剥离大量股份。</p>
</div><p>Such a move could reshape Bithumb’s governance and operational control entirely.</p>
<div class="lb-trans"><p>这样的举措可能会彻底重塑 Bithumb 的治理和运营控制。</p>
</div><p>Coinone presents a similar challenge.</p>
<div class="lb-trans"><p>Coinone 也面临类似的挑战。</p>
</div><p>Chairman Cha Myung-hoon holds 54 percent of the company, far exceeding proposed caps.</p>
<div class="lb-trans"><p>董事长车明勋持有公司 54% 的股份，远超提议的限制。</p>
</div><p>Compliance would require him to sell more than 34 percent of his stake, potentially impacting management control and strategic decisions.</p>
<div class="lb-trans"><p>合规将要求他出售超过 34% 的股份，可能影响管理控制和战略决策。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://image.coinlive.com/cryptotwits-static/a2778a5d0f112d547a945e73fb9022f5.jpg" alt="" original-src="https://image.coinlive.com/cryptotwits-static/a2778a5d0f112d547a945e73fb9022f5.jpg"/></p>
<p><em>Coinone’s Chairman Cha Myung-hoon</em></p>
<div class="lb-trans"><p><em>Coinone 的董事长车明勋</em></p>
</div><h2>Industry Pushback and Concerns Over Market Impact</h2>
<div class="lb-trans"><h2>行业反对与市场影响的担忧</h2>
</div><p>Crypto industry representatives have criticised the FSC’s approach as excessive.</p>
<div class="lb-trans"><p>加密行业代表批评 FSC 的做法过于严苛。</p>
</div><p>One source said,</p>
<div class="lb-trans"><p>一位消息人士表示，</p>
</div><blockquote>
<p>“the government is trying to impose excessive regulations beyond market guidelines.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“政府试图施加超出市场指导方针的过度监管。”</p>
</blockquote>
</div><p>Critics argue that the measures could infringe on property rights and destabilise company management.</p>
<div class="lb-trans"><p>批评者认为，这些措施可能侵犯财产权并破坏公司管理。</p>
</div><p>Concerns extend to market consequences.</p>
<div class="lb-trans"><p>担忧还扩展到市场后果。</p>
</div><p>Forcing owners to sell large stakes could flood the market with exchange shares, driving down prices and eroding value for existing minority shareholders.</p>
<div class="lb-trans"><p>迫使所有者出售大量股份可能会使市场充斥交易所股份，导致价格下跌，侵蚀现有少数股东的价值。</p>
</div><p>There is also uncertainty over whether foreign investors will be allowed to acquire these holdings, despite international interest in the South Korean market.</p>
<div class="lb-trans"><p>尽管国际市场对韩国市场有兴趣，但尚不清楚外国投资者是否会被允许收购这些股份。</p>
</div><h2>Political and Regulatory Tensions Complicate Legislation</h2>
<div class="lb-trans"><h2>政治与监管紧张局势使立法复杂化</h2>
</div><p>The implementation of the ownership caps is occurring amid wider regulatory debates.</p>
<div class="lb-trans"><p>持股限制的实施正值更广泛的监管辩论之中。</p>
</div><p>Stablecoin issuance rules have slowed the passage of related legislation.</p>
<div class="lb-trans"><p>稳定币发行规则减缓了相关立法的通过。</p>
</div><p>The Bank of Korea has indicated that only consortium structures with at least 51 percent bank ownership would be permitted to issue stablecoins.</p>
<div class="lb-trans"><p>韩国银行已表示，只有至少 51% 银行持股的财团结构才被允许发行稳定币。</p>
</div><p>Meanwhile, political scrutiny is increasing.</p>
<div class="lb-trans"><p>与此同时，政治审查正在加剧。</p>
</div><p>Kim Byung-ki, floor leader of the ruling Democratic Party, faces pressure over alleged interference with Upbit, while his son secured an internship at Bithumb.</p>
<div class="lb-trans"><p>执政的民主党党鞭金炳基因涉嫌干预 Upbit 而面临压力，而他的儿子则在 Bithumb 获得了实习机会。</p>
</div><blockquote>
<p>[김병기 일가의 갑질과 특혜， 슬기로운 의정생활]</p>
<p>김병기의 배우자가 구의원들에게 지시하는 것이 정상적인 의정활동인가？ 가히 ‘사모총장’ 으로 불릴 만하다。</p>
<p>김병기 차남은 ‘빗썸’ 에 특혜 취업했다는 폭로도 나왔다. 보좌진이 ‘김병기 아들 이력서’ 를 들고 뛰어다녔다고 한다。</p>
<p>전 보좌진의 취업은… pic.twitter.com/9v13qeKJe9</p>
<p>— 주진우 (@joojinwoo_) December 29, 2025</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>[金炳基一家的特权与特惠，明智的议会生活]</p>
<p>金炳基的配偶是否正常地指示区议员进行议会活动？实在可以称得上是 “私募总裁”。</p>
<p>还有传言称金炳基的次子在 “Bithumb” 获得了特权就业。助手们曾带着 “金炳基儿子的简历” 四处奔走。</p>
<p>前助手的就业情况… pic.twitter.com/9v13qeKJe9</p>
<p>— 朱镇宇 (@joojinwoo_) 2025 年 12 月 29 日</p>
</blockquote>
</div><p>These controversies add further complexity to an already uncertain regulatory landscape heading into 2026.</p>
<div class="lb-trans"><p>这些争议进一步增加了在 2026 年即将到来的不确定监管环境的复杂性。</p>
</div><p>The proposed ownership restrictions signal a major shift for South Korea’s crypto market, compelling top shareholders to reduce stakes and raising questions about governance, market stability, and the role of foreign investment in the country’s digital asset sector.</p>
<div class="lb-trans"><p>提议的持股限制标志着韩国加密市场的重大转变，迫使主要股东减少持股，并引发了关于治理、市场稳定性以及外国投资在该国数字资产领域角色的问题。</p>
</div>

韩国对主要加密货币交易所实施 15-20% 的持股上限，迫使大股东出售股份