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 significantly impede the growth of the country's digital asset industry. The proposal by South Korea's Financial Services Commission aims to limit major shareholders' stakes to 15-20% to mitigate governance risks from concentrated ownership, but has sparked controversy due to its potential impact on existing companies.