[The DAXA, formed by South Korea's five major crypto exchanges, opposes the government's proposed ownership cap] According to The Block, the Digital Asset eXchange Alliance (DAXA) of South Korea has issued a statement strongly opposing the government's consideration of setting a cap on the ownership percentage of major shareholders in digital asset exchanges. On Tuesday, DAXA warned in a statement that the proposed restrictions could 'severely hinder' the development of the country's digital asset industry and market. It stated that any attempt to artificially alter the equity structure of private enterprises would undermine the foundation of emerging industries. DAXA is a self-regulatory organization representing South Korea's five major cryptocurrency exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax. Earlier this month, the South Korean Financial Services Commission proposed limiting the ownership percentage of major shareholders in cryptocurrency exchanges to between 15% and 20% to address potential governance risks arising from concentrated ownership. The proposal has sparked controversy, as it could apply to existing companies with already established equity structures.