South Korea finds conflict between crypto exchange ownership cap and holding company law

• —The proposed cap on majority holders' stakes in exchanges is 20%, maximum 34%
• —Holding company law requires 30% in a public and 50% in a non-public subsidiary
• —FTC: the goals of the rules differ — corporate governance versus market fairness
• —Example — the Naver Financial and Dunamu deal: if the structure changes, the conflict becomes real