DAXA Introduces Self-Regulatory Guidelines for Virtual Asset Exchanges Ahead of User Protection Act

DAXA has proposed self-regulatory guidelines for the screening, support, and termination of virtual asset transactions, effective from July 19th, to align with the new Act on the Protection of Users of Virtual Assets. This proposal includes formal and qualitative screening requirements, assessing factors like the credibility of the issuing entity, user protection mechanisms, technology and security standards, and legal compliance. Existing assets will be reviewed over six months, while certain assets traded in qualified overseas markets may have relaxed disclosure requirements. Exchanges are to establish independent review bodies, conduct quarterly maintenance reviews, and set stricter internal standards beyond the proposed minimum, all to be integrated into exchange bylaws and coordinated with financial authorities.

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