South Korea is advancing separate reforms on mandatory tender offers during corporate-control changes and ownership limits for major shareholders of virtual asset exchanges. The tender-offer plan would require a buyer acquiring at least 25% and becoming the largest shareholder, or an existing largest shareholder buying additional shares, to offer 50% plus one share at an equal price to ordinary shareholders. Proposals under the Digital Asset Framework Act would generally cap a major exchange shareholder’s stake at 20%, with ownership of up to 34% allowed under certain conditions. The National Assembly Research Service said the cap could be difficult to reconcile with Monopoly Regulation and Fair Trade Act requirements for holding companies to own at least 50% of unlisted subsidiaries, 30% of listed subsidiaries and 20% of subsidiaries under venture holding companies. The Korea Fair Trade Commission said the regimes pursue different objectives rather than creating a general legal conflict, while the Office for Government Policy Coordination said the proposed cap could restrict market entry and likely qualify as a major regulation. The issue could affect a proposed Naver Financial-Dunamu combination if Naver Financial later qualifies as a holding company.