For major exchanges such as Upbit and Bithumb, the new restrictions will be implemented after a three-year grace period after the legislation takes effect, while smaller exchanges will be given an additional three years to adapt.The move will force major restructuring at most major South Korean cryptocurrency exchanges, such as Bithumb Holdings, which currently controls over 73% of Bithumb, and Binance, which holds over 67% of Gopax.According to reports, the ownership cap is expected to be included in South Korea’s upcoming Digital Asset Basic Law, which will also cover major topics such as stablecoin issuance and cryptocurrency ETFs.