South Korea's financial regulators are considering capping the shareholding of major stakeholders in cryptocurrency exchanges at 15% to 20%. This proposal has sparked concerns among academics who argue it may infringe on property rights and could be unconstitutional, as well as inconsistent with international norms. Instead of imposing strict shareholding limits, experts suggest enhancing the qualification review of major shareholders, improving board governance and internal controls, and promoting long-term IPO mechanisms to ensure responsible management while facilitating capital raising and equity dispersion.