The Digital Asset Exchange Association (DAXA) is preparing for the revised 'Telecommunications Fraud Compensation Law' set to take effect in October by holding an informational session for non-KRW virtual asset exchanges.
On July 28, DAXA conducted a meeting aimed at exchanges that only support trading between cryptocurrencies without KRW deposits and withdrawals.
The revised law expands the scope of compensation for fraud victims from cash to include virtual assets. As a result, virtual asset exchanges will now be required to fulfill new obligations related to compensation and payment suspension.
During the meeting, participants discussed important considerations for exchanges regarding the application process for compensation claims, payment suspensions, appeals, debt expiration, and the return of victim assets in accordance with the law.
DAXA plans to continue supporting the industry to minimize regulatory gaps before the law takes effect and to establish a comprehensive investor protection system that includes both KRW and non-KRW exchanges.
Kim Jae-jin, DAXA's Executive Vice President, stated, "I hope this meeting helps operators fully understand their obligations and implement them without issues. DAXA will spare no effort in supporting the entire virtual asset industry, regardless of whether they are KRW or non-KRW exchanges, to comply with regulations and protect investors."
On July 28, DAXA conducted a meeting aimed at exchanges that only support trading between cryptocurrencies without KRW deposits and withdrawals.
The revised law expands the scope of compensation for fraud victims from cash to include virtual assets. As a result, virtual asset exchanges will now be required to fulfill new obligations related to compensation and payment suspension.
During the meeting, participants discussed important considerations for exchanges regarding the application process for compensation claims, payment suspensions, appeals, debt expiration, and the return of victim assets in accordance with the law.
DAXA plans to continue supporting the industry to minimize regulatory gaps before the law takes effect and to establish a comprehensive investor protection system that includes both KRW and non-KRW exchanges.
Kim Jae-jin, DAXA's Executive Vice President, stated, "I hope this meeting helps operators fully understand their obligations and implement them without issues. DAXA will spare no effort in supporting the entire virtual asset industry, regardless of whether they are KRW or non-KRW exchanges, to comply with regulations and protect investors."
* This article has been translated by AI.
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