South Korean financial regulators have called on consumers to report any unlicensed cryptocurrency exchanges operating in the country. The Financial Intelligence Unit (FIU) and the Digital Asset Exchange Association (DAXA) are collaborating on this initiative. The largest virtual asset exchanges in South Korea, including Coinone, Korbit, Gopax, Upbit, and Bithumb, are part of DAXA. Reports submitted by consumers will be reviewed by DAXA and then forwarded to the FIU for further investigation. Operators found to be engaging in undeclared business activities will face consequences, including notification of the investigative agency. The regulators are aiming to ensure compliance with Article 7 of the Specific Financial Information Act. In addition to this crackdown, South Korea is also increasing its involvement in the cryptocurrency space. The Democratic Party of South Korea has mandated that parliamentary candidates disclose any personal cryptocurrency holdings. The Financial Supervisory Service (FSS) is working on regulations to enhance the Virtual Asset Users Protection Act, which is expected to take effect in January 2024. Furthermore, the Central Bank of South Korea plans to invite 100,000 individuals to test the Central Bank Digital Currency (CBDC) in 2024.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	1
People	None
Companies	Upbit, Bithumb, Gopax, Coinone, Korbit
Currencies	None
Securities	None