According to News1, South Korea's financial regulatory authorities are studying the possibility of restricting major shareholders' holdings in crypto asset exchanges to 15%–20%. In response, the academic community pointed out that this approach might infringe on property rights, pose constitutional risks, and be inconsistent with international practices. Instead of forcibly limiting shareholdings, a more feasible alternative is to strengthen the scrutiny of major shareholder eligibility, improve the board of directors and internal controls, and promote long-term IPO mechanisms, thereby ensuring responsible management while achieving fundraising and share dispersion.