Financial regulators in South Korea have issued an update urging users to report any unlicensed cryptocurrency exchanges operating in the country. The Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU) are working together on this initiative. DAXA consists of five major virtual asset exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit, and Gopax. The regulators aim to identify domestic and foreign virtual asset operators targeting Korean citizens and not complying with the Specific Financial Information Act. Reports will be reviewed by DAXA and then forwarded to the FIU for further action. The FIU plans to take necessary measures, including notifying the investigative agency, if operators continue engaging in undeclared business activities. Reports can be filed through DAXA’s tip email address, providing all relevant information and evidence. This development comes as South Korea strengthens its involvement in the crypto industry, with recent mandates for parliamentary candidates to disclose personal crypto holdings and preparations for new regulations to supplement the Virtual Asset Users Protection Act. Additionally, the central bank plans to invite citizens to test its forthcoming central bank digital currency 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	South Korean Won
Securities	None