Suche
Mein Konto
DAXA sets new standards for crypto exchanges and South Korea enacts stricter crypto laws to improve security and transparency
South Korea's Digital Asset Exchange Association (DAXA) recently announced new ethical standards to address information asymmetry in the cryptocurrency market. The alliance, made up of major cryptocurrency exchanges such as Upbit, Bithumb and Coinone, introduced these standards to promote responsible and ethical practices in the virtual assets industry. DAXA has introduced two standards: the DAXA Internal Control Standards and the Code of Ethical Conduct for Virtual Asset Operators. These standards are intended to improve transparency, consumer protection and overall integrity in the market. One of the key points of the standards states that cryptocurrency exchanges that are members of DAXA must have an external...
DAXA sets new standards for crypto exchanges and South Korea enacts stricter crypto laws to improve security and transparency
South Korea's Digital Asset Exchange Association (DAXA) recently announced new ethical standards to address information asymmetry in the cryptocurrency market. The alliance, made up of major cryptocurrency exchanges such as Upbit, Bithumb and Coinone, introduced these standards to promote responsible and ethical practices in the virtual assets industry.
DAXA has introduced two standards: the DAXA Internal Control Standards and the Code of Ethical Conduct for Virtual Asset Operators. These standards are intended to improve transparency, consumer protection and overall integrity in the market.
One of the key points of the standards states that cryptocurrency exchanges that are members of DAXA must consult an external legal expert when making decisions about listing or delisting cryptocurrencies. This legal expert must not have any conflicts of interest in order to ensure an impartial assessment of the legal implications of such decisions.
This initiative by DAXA follows the new cryptocurrency regulations passed by the South Korean National Assembly. The law aims to create a legal framework for the regulation of cryptocurrencies and improve the security and protection of user funds within the cryptocurrency ecosystem.
According to the new law, digital asset service providers (VASPs) are obliged to implement measures such as separating user funds from their own funds and securing customer deposits. In addition, the Virtual Asset User Protection Act is being introduced, which sets even stricter regulations for VASPs. Accordingly, crypto reserves must be stored in cold wallets to improve security against potential hacking or theft, and all transactions must be fully documented.
The legislation also requires the Korea Financial Services Commission to conduct inspections of VASPs to ensure compliance. The Bank of Korea will also add a layer of monitoring to ensure that data management is appropriate.
With these new standards and regulations, South Korea represents an important step towards a regulated and transparent cryptocurrency market. DAXA and its member exchanges play a crucial role in creating a trustworthy and secure environment for cryptocurrency transactions in South Korea.