#稳定币生态与应用 Seeing South Korea's recent regulatory actions, I am reminded of a very important question—the governance structure of exchanges as custodians of our assets, how crucial is it really?

The Financial Services Commission of South Korea proposed a limit of 15%-20% on major shareholders' holdings. On the surface, this aims to restrict concentration of power, but behind it reflects a deeper logic: when a platform controls users' funds and data, absolute control by individuals actually becomes a risk. Upbit's founder holds 25.5%, Bithumb's parent company owns 73%, and Coinone's chairman holds 54%—these highly concentrated power structures mean that if decision-making deviates or moral hazards occur, ordinary investors have no effective checks and balances.

This reminds me of a simple investment wisdom: don't put all your eggs in one basket. Who owns that basket, how much influence they have, and whether there are constraints—these are all important considerations.

Of course, this wave of reform will also bring some pain—exchanges might face governance chaos, and funds could experience short-term fluctuations. But in the long run, establishing a more transparent and decentralized governance structure is actually about protecting everyone's assets. Just as the value of stablecoins lies in reducing volatility risk, a well-designed system can lower systemic risks.

During such regulatory changes, patience is especially important. I recommend everyone review their asset allocation—are you overly reliant on a single platform? Are you paying attention to the exchange's own risk control systems? In the long term, platforms that are willing to comply with regulations and proactively optimize governance tend to be more trustworthy.