DAXA Holds Briefing on Foreign Exchange Network for Virtual Asset Service Providers
The Digital Asset Exchange Association (DAXA) held a briefing on the establishment of a foreign exchange network exclusively for virtual asset service providers (VASP) on the 27th at DreamPlus Gangnam in Seoul. According to the amended Foreign Exchange Transaction Act, which will take effect on December 3, businesses wishing to engage in cross-border virtual asset transfers are required to register in advance and report transaction amounts, types of digital assets, and identification information of senders and receivers to the Bank of Korea's foreign exchange network. This marks the first legal framework established for managing cross-border fund transfers using digital assets. Registration requirements include reporting as a virtual asset service provider under Article 7 of the Specific Financial Information Act and connecting to a network with institutions that relay and centralize related data. Businesses that do not meet these requirements after December 3 will be restricted from conducting cross-border digital asset transfers. DAXA plans to establish a dedicated network for virtual asset service providers and provide a smooth reporting infrastructure. Kim Jae-jin, the Executive Vice President of DAXA,
-- Price
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