DAXA Released Ethical Standards Of Conduct For Virtual Asset Companies

Key Points:

• The Korea Digital Asset Exchange Association (DAXA) has released the “DAXA Internal Control Standards” and “The Code of Ethical Conduct for Virtual Asset Operators.”
• “DAXA Internal Control Standards” consists of 68 items, including the control structure of virtual asset business operators.
• “Virtual Assets The Ethical Code of Conduct for Operators” comprises 24 articles, divided into 5 chapters, covering social morality and other content.

The Korea Digital Asset Exchange Association (DAXA), comprised of the five largest crypto exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax), has released the “Internal Control Standards” and “The Code of Ethical Conduct for Virtual Asset Operators,” which unify and regulate the standards of member companies at the company level.

The standard internal control standards and ethical code of conduct were developed using data from five member corporations and financial investment firms. After that, it was reviewed by each member firm and advisory committee.

“The guidelines released this time are the first cases created to reflect the characteristics of the cryptocurrency (virtual asset) industry,” said DAXA.

“Internal Control Standards” is one of them, and it includes 68 items, such as the control structure of virtual asset business operators, internal control organizations and standards, compliance supervisors and internal control system operations, compliance matters during business execution, and so on.

“Virtual Assets The Ethical Code of Conduct for Operators” is made up of 24 articles organized into 5 chapters, beginning with “Chapter 1 General Provisions” and ending with “Chapter 5 Ethics for Society.”

South Korea has failed to create a legislative framework for cryptocurrency exchange listing and delisting. In the middle of Terra-multibillion-dollar Luna’s collapse last year, the nation declared that it would create the Digital Asset Basic Act in the first half of 2023 to establish an all-encompassing set of laws for the business.

On March 22, DAXA said that beginning in April, member businesses would be required to involve at least one third-party legal expert, devoid of any conflicts of interest, to examine a cryptocurrency’s listing.

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Harold

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