News

DAXA Released Ethical Standards Of Conduct For Virtual Asset Companies

Key Points:

  • The Korea Digital Asset Exchange Association (DAXA) has released the “DAXA Internal Control Standards” and “The Code of Ethical Conduct for Virtual Asset Operators.”
  • “DAXA Internal Control Standards” consists of 68 items, including the control structure of virtual asset business operators.
  • “Virtual Assets The Ethical Code of Conduct for Operators” comprises 24 articles, divided into 5 chapters, covering social morality and other content.
The Korea Digital Asset Exchange Association (DAXA), comprised of the five largest crypto exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax), has released the “Internal Control Standards” and “The Code of Ethical Conduct for Virtual Asset Operators,” which unify and regulate the standards of member companies at the company level.
DAXA Released Ethical Standards Of Conduct For Virtual Asset Companies 3

The standard internal control standards and ethical code of conduct were developed using data from five member corporations and financial investment firms. After that, it was reviewed by each member firm and advisory committee.

“The guidelines released this time are the first cases created to reflect the characteristics of the cryptocurrency (virtual asset) industry,” said DAXA.

“Internal Control Standards” is one of them, and it includes 68 items, such as the control structure of virtual asset business operators, internal control organizations and standards, compliance supervisors and internal control system operations, compliance matters during business execution, and so on.

“Virtual Assets The Ethical Code of Conduct for Operators” is made up of 24 articles organized into 5 chapters, beginning with “Chapter 1 General Provisions” and ending with “Chapter 5 Ethics for Society.”

DAXA Released Ethical Standards Of Conduct For Virtual Asset Companies 4

South Korea has failed to create a legislative framework for cryptocurrency exchange listing and delisting. In the middle of Terra-multibillion-dollar Luna’s collapse last year, the nation declared that it would create the Digital Asset Basic Act in the first half of 2023 to establish an all-encompassing set of laws for the business.

On March 22, DAXA said that beginning in April, member businesses would be required to involve at least one third-party legal expert, devoid of any conflicts of interest, to examine a cryptocurrency’s listing.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.