DAXA Appoints Two Advisory Committee Members

On April 26th, DAXA, a joint advisory body of the Korea Digital Asset Exchange, announced the appointment of Si mook Kim, a lawyer at Law Firm Law, and Lee Min seop, the head of the anti money laundering team at Kim&Chang Law Firm, as members of the advisory committee. DAXA disclosed the implementation status and plan of self-regulation on the 3rd, revealing that it has established an anti money laundering department and Upbit is responsible for the anti money laundering subcommittee. （Decenter）

South Korea’s DAXA Appoints New Advisory Members for its Anti Money Laundering Advisory Committee

DAXA, the Korea Digital Asset Exchange, has announced the appointment of two members to its advisory committee. The move comes as DAXA reveals its self-regulation implementation plan, including the establishment of an anti-money laundering department and the appointment of Upbit to run the anti-money laundering subcommittee.

The New Advisory Committee Members

DAXA has appointed Si Mook Kim, a lawyer at Law Firm Law, and Lee Min Seop, the head of the anti-money laundering team at Kim&Chang Law Firm, to its advisory committee. Both new members bring significant expertise in the legal and regulatory aspects of the cryptocurrency industry.

DAXA’s Self-Regulation Plan

DAXA disclosed its implementation status and plan of self-regulation on the 3rd. As part of this plan, DAXA has established an anti-money laundering department responsible for ensuring regulatory compliance. Upbit has been appointed to run the anti-money laundering subcommittee.
DAXA’s self-regulation plan also includes measures to ensure consumer protection, such as requiring exchanges to hold at least 70% of customers’ assets in cold wallets and limiting the withdrawal of funds to verified addresses.

The Importance of Self-Regulation in the Cryptocurrency Industry

Self-regulation is critical for the long-term sustainability of the cryptocurrency industry. As the industry grows and evolves, it is likely to face increasing scrutiny from regulators around the world. Self-regulation helps exchanges demonstrate that they can operate responsibly and proactively address any potential regulatory issues.
DAXA’s self-regulation plan is a proactive step towards demonstrating its commitment to responsible operation of its exchange. The appointment of legal and regulatory experts to its advisory committee is another indication of its dedication to industry best practices.

Conclusion

DAXA’s appointment of Si Mook Kim and Lee Min Seop to its advisory committee and the unveiling of its self-regulation implementation plan are encouraging signs for the cryptocurrency industry. While there are still challenges ahead, DAXA’s commitment to responsible operation and compliance with regulations is a critical step towards building a sustainable future for the industry.

FAQs

What is DAXA?

DAXA is a cryptocurrency exchange based in Korea.

Why is self-regulation important in the cryptocurrency industry?

Self-regulation helps exchanges demonstrate that they can operate responsibly and proactively address any potential regulatory issues. This helps ensure the long-term sustainability of the industry.

Who is responsible for the anti-money laundering subcommittee at DAXA?

Upbit has been appointed to run the anti-money laundering subcommittee at DAXA.