<p>韩国监管机构和立法者已达成一致，将加密货币交易所的主要股东持股比例上限设定为 20%，尽管行业内强烈反对。</p>
<p>根据《韩国先驱报》的报道，执政的民主党的数字资产工作组于周二与最高金融监管机构金融服务委员会召开了会议。</p>
<p>虽然代表们据报道达成了 20% 的持股上限，但他们还同意允许在金融服务委员会通过执行法令定义的例外情况下持股比例高达 34%。</p>
<p>对于像 Upbit 和 Bithumb 这样的主要交易所，新限制将在立法通过后经过三年的宽限期生效，而较小的交易所将获得额外三年的适应期，报告称。</p>
<p>如果实施，拟议的持股上限将迫使大多数韩国主要加密货币交易所进行重大重组。例如，Bithumb Holdings 目前控制着 Bithumb 超过 73% 的股份，而 Binance 持有 Gopax 超过 67% 的股份——这两者都远远超过预期的 20% 主要股东上限，可能需要进行大规模的资产剥离或股权稀释。</p>
<p>The Block 已联系金融服务委员会以获取更多信息。</p>
<p><strong>反对意见</strong></p>
<p>在 1 月份，金融服务委员会提出了持股上限作为应对集中持股可能带来的治理风险的措施。</p>
<p>这引发了数字资产交易所联盟（DAXA）的强烈反对——该自律组织代表了韩国五大主要加密货币交易所，包括 Upbit 和 Bithumb。</p>
<p>DAXA 警告称，限制交易所主要股东的股权可能会 “显著阻碍” 该国数字资产行业的增长，认为人为改变私营公司的所有权结构的尝试将破坏新兴行业的基础。</p>
<p>一些地方报道指出，Bithumb 上个月意外转账 430 亿美元比特币的事件加剧了监管机构对行业内部控制和风险管理的担忧，可能影响了最新的决定。</p>
<p><strong>数字资产基本法</strong></p>
<p>持股上限预计将纳入数字资产基本法，这是韩国即将出台的加密货币综合监管法规。该法案将涵盖其他主要主题，如稳定币发行和加密货币交易所交易基金。</p>
<p>该立法原定于 2025 年推出，但面临延迟，推迟了时间表。然而，金融服务委员会现在预计很快将最终确定其立法提案，依据《韩经济》。</p>
<p>免责声明：The Block 是一个独立的媒体机构，提供新闻、研究和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。Foresight Ventures 还投资于其他加密领域的公司。加密货币交易所 Bitget 是 Foresight Ventures 的主要有限合伙人。The Block 继续独立运营，提供关于加密行业的客观、重要和及时的信息。以下是我们当前的财务披露。</p>
<p>© 2026 The Block。保留所有权利。本文仅供信息参考，不构成法律、税务、投资、金融或其他建议。</p>

BITF

<p>韩国监管机构已同意对加密货币交易所的主要股东实施 20% 的持股上限，尽管行业对此表示反对。该上限将在主要交易所实施三年的宽限期后生效，而较小的交易所则有额外三年的宽限期。此决定旨在降低治理风险，但遭到了数字资产交易所联盟的反对，该联盟认为这可能会阻碍数字资产行业的发展。预计持股上限将成为即将出台的数字资产基本法的一部分，该法还将涉及其他监管议题</p>

<p>South Korean regulators and legislators have agreed to cap major shareholder stakes in cryptocurrency exchanges at 20%, despite strong industry pushback.</p>
<div class="lb-trans"><p>韩国监管机构和立法者已达成一致，将加密货币交易所的主要股东持股比例上限设定为 20%，尽管行业内强烈反对。</p>
</div><p>According to a report from the Korea Herald, the ruling Democratic Party's digital asset task force held a meeting with the Financial Services Commission, the top financial regulator, on Tuesday.</p>
<div class="lb-trans"><p>根据《韩国先驱报》的报道，执政的民主党的数字资产工作组于周二与最高金融监管机构金融服务委员会召开了会议。</p>
</div><p>While the representatives reportedly settled on a 20% ownership cap, they also agreed to allow stakes of up to 34% in exceptions defined by the FSC through enforcement decrees.</p>
<div class="lb-trans"><p>虽然代表们据报道达成了 20% 的持股上限，但他们还同意允许在金融服务委员会通过执行法令定义的例外情况下持股比例高达 34%。</p>
</div><p>For major exchanges such as Upbit and Bithumb, the new limit would take effect following a three-year grace period once the legislation is enacted, while smaller exchanges would receive an additional three years to adapt, the report said.</p>
<div class="lb-trans"><p>对于像 Upbit 和 Bithumb 这样的主要交易所，新限制将在立法通过后经过三年的宽限期生效，而较小的交易所将获得额外三年的适应期，报告称。</p>
</div><p>If enacted, the proposed ownership limit would force most major South Korean cryptocurrency exchanges to undergo significant restructuring. For instance, Bithumb Holdings currently controls over 73% of Bithumb, while Binance holds more than 67% of Gopax — both far exceeding the anticipated 20% cap on major shareholders and potentially requiring substantial divestments or ownership dilutions.</p>
<div class="lb-trans"><p>如果实施，拟议的持股上限将迫使大多数韩国主要加密货币交易所进行重大重组。例如，Bithumb Holdings 目前控制着 Bithumb 超过 73% 的股份，而 Binance 持有 Gopax 超过 67% 的股份——这两者都远远超过预期的 20% 主要股东上限，可能需要进行大规模的资产剥离或股权稀释。</p>
</div><p>The Block has reached out to the FSC for further information.</p>
<div class="lb-trans"><p>The Block 已联系金融服务委员会以获取更多信息。</p>
</div><p><strong>Pushback</strong></p>
<div class="lb-trans"><p><strong>反对意见</strong></p>
</div><p>In January, the FSC proposed the ownership limit as a measure to address potential governance risks from concentrated ownership.</p>
<div class="lb-trans"><p>在 1 月份，金融服务委员会提出了持股上限作为应对集中持股可能带来的治理风险的措施。</p>
</div><p>This sparked strong opposition from the Digital Asset Exchange Alliance (DAXA) — the self-regulatory organization representing South Korea's five major cryptocurrency exchanges, including Upbit and Bithumb.</p>
<div class="lb-trans"><p>这引发了数字资产交易所联盟（DAXA）的强烈反对——该自律组织代表了韩国五大主要加密货币交易所，包括 Upbit 和 Bithumb。</p>
</div><p>DAXA warned that capping major shareholder equity in exchanges could &#34;significantly impede&#34; the growth of the country's digital asset industry, arguing that attempts to artificially alter the ownership structures of private companies would undermine the foundation of an emerging industry.</p>
<div class="lb-trans"><p>DAXA 警告称，限制交易所主要股东的股权可能会 “显著阻碍” 该国数字资产行业的增长，认为人为改变私营公司的所有权结构的尝试将破坏新兴行业的基础。</p>
</div><p>Some local reports suggested that Bithumb’s accidental $43 billion bitcoin transfer last month fueled regulatory concerns over the industry's internal controls and risk management, potentially influencing the latest decision.</p>
<div class="lb-trans"><p>一些地方报道指出，Bithumb 上个月意外转账 430 亿美元比特币的事件加剧了监管机构对行业内部控制和风险管理的担忧，可能影响了最新的决定。</p>
</div><p><strong>Digital Asset Basic Act</strong></p>
<div class="lb-trans"><p><strong>数字资产基本法</strong></p>
</div><p>The ownership cap is expected to be included in the Digital Asset Basic Act, South Korea's upcoming comprehensive set of regulations for crypto. It is set to cover other major topics such as stablecoin issuance and crypto exchange-traded funds in the nation.</p>
<div class="lb-trans"><p>持股上限预计将纳入数字资产基本法，这是韩国即将出台的加密货币综合监管法规。该法案将涵盖其他主要主题，如稳定币发行和加密货币交易所交易基金。</p>
</div><p>Originally targeted for rollout in 2025, the legislation has faced delays that pushed back the timeline. However, the FSC is now expected to finalize its legislative proposal soon, according to a Wednesday report from Hankyung.</p>
<div class="lb-trans"><p>该立法原定于 2025 年推出，但面临延迟，推迟了时间表。然而，金融服务委员会现在预计很快将最终确定其立法提案，依据《韩经济》。</p>
</div><p>Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.</p>
<div class="lb-trans"><p>免责声明：The Block 是一个独立的媒体机构，提供新闻、研究和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。Foresight Ventures 还投资于其他加密领域的公司。加密货币交易所 Bitget 是 Foresight Ventures 的主要有限合伙人。The Block 继续独立运营，提供关于加密行业的客观、重要和及时的信息。以下是我们当前的财务披露。</p>
</div><p>© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p>
<div class="lb-trans"><p>© 2026 The Block。保留所有权利。本文仅供信息参考，不构成法律、税务、投资、金融或其他建议。</p>
</div>

South Korean authorities settle on 20% ownership cap for crypto exchanges: report

- 韩国监管机构同意将加密货币交易所大股东持股限制在 20%。
- 主要交易所需进行重大重组，因 Bithumb 和 Gopax 的持股均超过该限制。
- 此规定预计将纳入《数字资产基础法》，覆盖更多加密行业相关监管内容。

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据报道，韩国当局就加密货币交易所的 20% 持股上限达成一致