S.Korea Weighs New Crypto Association Amid Regulatory Overhaul

South Korea's financial authorities are reviewing the creation of an incorporated statutory crypto association as part of second-phase legislative discussions on the Digital Asset Basic Act.

The new association would be tasked with market self-regulation, including standards for crypto listings, distribution and disclosures, monitoring suspicious and unfair trading, and mediating disputes among exchanges.

Instead of converting the existing Digital Asset eXchange Alliance (DAXA) into a statutory body, the proposal calls for creating a separate legal entity.

The authorities are considering ways to use or link DAXA's self-regulatory systems in the process of creating the new association.