Search results for Foreign Exchange Transactions Act
Crypto
DAXA moves for joint response ahead of revised foreign exchange transactions law
The Digital Asset Exchange Alliance (DAXA) said it is supporting domestic virtual asset service providers (VASPs) as South Korea prepares to implement a revised Foreign Exchange Transactions Act on Dec. 3. DAXA held a briefing in Seoul on building a VASP-only foreign exchange reporting network. The revised law requires prior registration for cross-border digital-asset transfers and reporting of transfer details to the Bank of Korea’s foreign exchange system.
Crypto
Countdown to amended Special Financial Information Act puts digital asset industry focus on governance reshuffle
South Korea will implement an amended Special Financial Information Act on Aug. 20, expanding screening of digital asset operators to include major shareholders and governance structures. An enforcement decree allows exceptions when violations are minor or punished under vicarious liability rules, easing some uncertainty around Naver Financial and Dunamu’s share-swap plan. Regulators will also tighten requirements on leverage, creditworthiness and internal controls, likely increasing compliance burdens for smaller operators.
Crypto
DSRV launches onchain finance platform for financial institutions
Blockchain infrastructure company DSRV has launched an onchain finance operations platform for financial institutions and companies. The platform, called DSRV Portal, is designed to address fragmented infrastructure created when firms source custody, payments and wallet functions from different providers. It offers an onchain finance operating system structure that can be used without a dedicated blockchain development team, and includes compliance-focused features such as multi-step approvals, MPC key management and cold wallets.
