The Korea Digital Asset Exchange Alliance (DAXA), representing South Korea's five largest cryptocurrency exchanges, has voiced strong opposition to the government's proposed cap on shareholding ratios for major shareholders in digital asset exchanges. DAXA, which includes Upbit, Bithumb, Korbit, Coinone, and Gopax, warned that such restrictions could "seriously hinder" the development of the digital asset industry and destabilize the market. The proposal by South Korea's Financial Services Commission aims to limit major shareholders' stakes in cryptocurrency exchanges to between 15% and 20% to mitigate governance risks from concentrated ownership. However, DAXA argues that this move could disrupt existing companies with established shareholding structures, potentially shaking the foundations of the emerging digital asset sector.