DCSA Publishes Standard Internal Control Guidelines and Code of Ethical Conduct for Virtual Asset Service Providers

The Digital Asset Exchange Joint Council (DAXA), composed of South Korea's five major virtual asset exchanges?Gopax, Bithumb, Upbit, Korbit, and Coinone?announced on the 1st that it has released standard internal control guidelines and a code of ethical conduct for virtual asset operators.

The standard internal control guidelines and code of ethical conduct were drafted based on relevant materials from financial investment companies and data from the five member companies. They underwent review by each member company and advisory committee. This release marks the first case of establishing standards that reflect the characteristics of the virtual asset industry. It is considered significant in that the previously independently followed standards of each member company have been standardized into common guidelines at the DAXA level.

The standard internal control guidelines consist of a total of 68 articles, covering ▲ General Provisions ▲ Governance of Virtual Asset Operators ▲ Internal Control Organization and Standards ▲ Compliance Officer and Internal Control System Operation ▲ Compliance Requirements during Business Execution. The code of ethical conduct comprises 24 articles, organized into five chapters from 'Chapter 1 General Provisions' to 'Chapter 5 Ethics toward Society.' Detailed information can be found in the materials published on the DAXA website.

Kim Jae-jin, DAXA's Standing Vice Chairman, stated, "We hope that the standard internal control guidelines and the operators' code of ethical conduct will serve as a benchmark not only for member companies but also for all virtual asset operators striving for fair competition, a trusted market, and global competitiveness."