South Korea Eyes New Statutory Crypto Body Amid Digital Asset Basic Act

South Korea's financial authorities are considering establishing a new statutory crypto body to oversee virtual assets. The proposed entity would potentially absorb key functions from the Digital Asset eXchange Alliance (DAXA), which currently operates as an industry-level group without legal standing.

DAXA, established in 2023, comprises major South Korean crypto exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax. The alliance has been instrumental in setting listing and delisting guidelines but lacks statutory authority, limiting its enforcement power.

The proposed statutory body would likely gain legal recognition and clearer enforcement capabilities, aligning with the government's broader efforts to strengthen investor protections and market integrity as the second phase of the Digital Asset Basic Act moves through the National Assembly.