According to KBS, the Financial Services Commission (FSC) of South Korea has proposed in the *Digital Asset Basic Act* submitted to the National Assembly that exchanges with approximately 11 million users be designated as **core infrastructure** for virtual asset circulation. This description is interpreted as targeting South Korea’s four major virtual asset exchanges, namely Upbit, Bithumb, Coinone and Korbit.

The FSC recommends introducing a qualification review mechanism for major shareholders by referencing the standards for Alternative Trading Systems (ATS) under the Capital Markets Act, with major shareholders' shareholdings capped within the range of 15%–20%. If this proposal is implemented, Dunamu (the operator of Upbit), Bithumb, Coinone and other entities may be required to conduct large-scale equity restructuring.