韓國加密產業監管再掀爭議。針對執政黨推動的《數位資產基本法》第二階段立法，韓國研究機構 FourPillars 研究主管 @100y_eth 直言，若法案納入「交易所持股上限」，將對產業結構與資本市場帶來劇烈衝擊，甚至可能改變韓國中心化交易所（CEX）的所有權格局。
核心爭議：將 CEX 視為 ATS，限制大股東持股
@100y_eth 指出，目前韓國國會正討論的《數位資產基本法 Phase 2》，定位類似美國的加密市場結構法案，目標是為加密產業建立明確的法律框架。然而，執政的共同民主黨已正式表態，將把「交易所大股東持股上限」納入法案之中。
這個政策邏輯來自韓國現行《資本市場法》中：替代性交易系統（ATS）的大股東持股不得超過 15%。意即政府認為 CEX 的市場功能類似 ATS，因此主張對加密交易所套用相同股權限制，以確保市場公平與避免權力集中。但 @100y_eth 認為，這項類比本身就具有高度爭議，因為加密交易所的業務模式與傳統證券交易基礎設施存在本質差異。
《數位資產基本法 Phase 2》若通過會發生什麼事
根據 FourPillars 的分析，一旦法案生效，韓國五大交易所 Upbit、Bithumb、Coinone、Korbit、Gopax，其主要股東將被迫出售 約 5% 至 58% 不等的持股。@100y_eth 形容，這將是結構性重組的政策衝擊，等同於政府直接介入既有企業的資本結構，而非單純的監管升級。
該政策的時機點，也讓市場更加震動。近年韓國大型金融與科技企業正積極布局加密產業，例如 Naver Financial 曾評估收購 Upbit 股權、Mirae Asset（未來資產）研議入股 Korbit 的可能性。若持股上限實施，大型機構將難以取得具控制力的股權，等同直接壓縮整體併購（M&A）空間。@100y_eth 認為，這將降低產業整合與機構化進程，削弱韓國交易所的長期競爭力。
政治對立升高：資本主義還是準國有化？
目前最大在野黨已強烈反對該條款。反對方認為，在一個資本主義國家中，強制要求已發展至一定規模的企業大股東出售持股，本質上屬於過度的市場干預。@100y_eth 直言，若政策落地，「政府強制企業出售股權」的做法，與市場經濟原則相去甚遠，甚至讓外界質疑其政策思維接近社會主義式的所有權干預。
儘管現任南韓總統，共同民主黨的李在明對加密貨幣 ETF、穩定幣等議題多次表達正面態度，但當地業界人士恐怕不那麼想。鏈新聞獨家取得一位韓國區塊鏈業界人士的意見，早在《數位資產基本法 Phase 2》議題發酵前，他就表示他認為李在明對加密貨幣的正面表態，實際上只是在政策買票而已。而監管當局的態度，也讓當地交易所很難做事。
這篇文章 李在明真的加密友善嗎？為何南韓業界反對執政黨的數位資產基本法？ 最早出現於 鏈新聞 ABMedia。
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