The South Korean crypto industry and legal experts have voiced strong opposition to a proposed regulation that would cap major shareholders' stakes in cryptocurrency exchanges at 15%. Industry representatives argue that the existing self-regulatory framework under DAXA (Digital Asset eXchange Alliance) already limits major shareholders from making unilateral decisions, and imposing such a cap would constitute excessive regulation that disregards industry characteristics. They warn that this could negatively impact mergers and strategic partnerships, such as the Naver-Dunamu merger and Mirae Asset Group's acquisition of Korbit. Legal experts caution that enforcing a mandatory divestment of shares by private companies could lead to disputes over property rights, especially given the current system for assessing the suitability of major shareholders. The proposal has sparked significant debate over its potential implications for the crypto sector's growth and regulatory landscape in South Korea.