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DAXA joins exchanges to prepare for expansion of telecom fraud refund law

The Digital Asset Exchange Alliance (DAXA) said it is supporting non-won digital asset exchanges as South Korea expands the scope of the Telecommunications Fraud Damage Refund Act. DAXA held a policy and practical workshop in Seoul for exchanges that only allow digital asset-to-asset trading without won deposits or withdrawals. The revised law, effective Oct. 1, extends refund targets to digital assets and requires exchanges to carry out relief-related duties, including payment suspensions and refunds.