PANews reported on June 21 that according to Chosun Biz, all virtual asset exchanges in South Korea are jointly participating in the formulation of the "Self-regulation of Virtual Asset Trading Support" plan, marking a major shift in the self-regulatory model of currency exchanges. Self-regulation, which was previously led by the five major won market exchanges, is now being extended to all exchanges to jointly establish self-regulatory norms. The plan is promoted by the Korean Digital Asset Exchange Alliance (DAXA) and aims to formulate self-regulatory guidelines for virtual asset trading support through joint consultation. The "General Guidelines for Virtual Asset Trading Support Review" released by DAXA has become the basis of the new plan, and is widely collecting opinions from various exchanges for improvement.
This cooperation not only involves five major won market exchanges, but also about 20 cryptocurrency market exchanges. It is the first case of comprehensive cooperation among virtual asset exchanges to establish a self-regulatory mechanism. The country's Financial Supervisory Authority also actively participated, provided advisory support, and required exchanges to strengthen the review and supervision of listed assets.
It is expected that the new self-regulatory plan will be announced around the implementation of the Virtual Asset User Protection Law on July 19, and industry players are actively working to upgrade existing guidelines and strengthen relevant regulatory content.
