Party-Government Meeting 'Voluntary Improvement Plan' First Step for Implementation
Strengthening Investor Protection and Supporting the Enactment of the 'Digital Asset Basic Act'
The CEOs of the five major virtual asset exchanges are taking a commemorative photo after signing a business agreement at the "Launch Ceremony of the Five Major Digital Asset Exchanges Joint Council" held on the 22nd at the Coinone headquarters in Yeouido, Seoul. From the left in the photo: Lee Jae-won, CEO of Bithumb (Bithumb Korea); Cha Myung-hoon, CEO of Coinone; Lee Jun-haeng, CEO of Gopax (Streamy); Kim Jae-hong, Chief Strategy Officer of Korbit; Lee Seok-woo, CEO of Upbit (Dunamu) / Photo by Digital Asset Exchanges Joint Council (DAXA)
[Asia Economy Reporter Myunghwan Lee] Domestic virtual asset exchanges have taken the first step toward autonomous improvement of the virtual asset market by forming a joint consultative body.
The five major domestic virtual asset exchanges?Gopax, Bithumb, Upbit, Coinone, and Korbit?announced on the 22nd that they launched the "Digital Asset eXchange Alliance (DAXA)" at Coinone's headquarters in Yeouido, Seoul, and signed a memorandum of understanding (MOU) for mutual cooperation.
Attending the launch ceremony were Lee Junhaeng, CEO of Gopax (Streamy), Lee Jaewon, CEO of Bithumb (Bithumb Korea), Lee Seokwoo, CEO of Upbit (Dunamu), Cha Myunghoon, CEO of Coinone, and Kim Jaehong, Chief Strategy Officer of Korbit.
The launch of the joint consultative body is described as the first step toward the concrete implementation of the "Joint Autonomous Improvement Plan for Virtual Asset Operators" announced by the five major exchanges at the 2nd virtual asset government-party meeting on the 13th.
The MOU of DAXA includes ▲establishing strengthened regulatory measures to protect investors from the start to the end of digital asset trading support ▲joint response through crisis response planning ▲providing sufficient information to investors and raising awareness of investment risks ▲reviewing and supporting legislation for the enactment of the "Digital Asset Basic Act."
Lee Seokwoo, CEO of Upbit, was elected as the inaugural chairperson of DAXA. Upbit will serve as the secretariat of the consultative body. DAXA plans to create four subcommittees within the alliance to establish specific standards and measures. The subcommittee secretaries will be ▲Trading Support (Coinone) ▲Market Surveillance (Korbit) ▲Compliance Monitoring (Bithumb) ▲Education (Gopax).
Additionally, a secretariat will be established soon to serve as a communication channel with each exchange, the government, the National Assembly, and other stakeholders, performing practical tasks. An advisory committee will also be formed to gather opinions from external experts and strengthen supervisory functions.
Lee Seokwoo, CEO of Dunamu and chairperson of DAXA, stated, "To foster the sound development of the virtual asset industry and establish investor protection measures, the five major exchanges have first formed an autonomous consultative body, and we will expand membership to other exchanges in the future. Each exchange will actively fulfill its assigned roles and do its best to cooperate with one another."
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