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Crypto

DAXA flags four unreported overseas crypto exchanges, seeks police investigation

The Digital Asset eXchange Alliance, known as DAXA, said it had identified four overseas digital asset exchanges operating for South Korean users without making the required report under the Act on Reporting and Using Specified Financial Transaction Information. It said it requested a police investigation after confirming signs of targeting domestic users through Korean-language services, won conversion displays and reward programmes. DAXA warned users of weak safeguards and difficult remedies if incidents occur.

Crypto

Digital asset alliances emerge as banks, brokerages and asset managers race to team up

South Korea\'s financial sector is moving competitively to form digital asset alliances, as brokerages expand exchange investment and token securities while banks and asset managers accelerate partnerships. Shinhan Financial Group signed an agreement with Visa to verify stablecoin platform functions and design models for the domestic market. Woori Bank and Coupang completed a proof of concept for real-time settlement. K Bank, Toss and Jeonbuk Bank also announced tie-ups, while some banks invest directly in custody firms as lawmakers debate digital asset legislation.

Crypto

BitGo Korea\'s VASP report accepted in first case for a global firm

BitGo Korea, the Korean unit of global digital asset infrastructure firm BitGo, has completed the process for its virtual asset service provider (VASP) report to be accepted. The company said South Korea\'s Financial Intelligence Unit accepted its VASP report on Aug. 18. BitGo Korea said this was the first time a global digital asset company set up a new local entity and had its VASP report accepted. Hana Financial Group and SK Telecom are major shareholders.