Search results for Telecommunications Fraud Damage Refund 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
U.S. crypto \'Clarity\' bill faces last-minute hurdles as Korean financial firms step up digital asset push
A U.S. Senate vote to bring the crypto market-structure \'Clarity\' bill to the floor is increasingly likely to be delayed until next week, complicating last-stage legislation. The industry wants leaders to at least begin the cloture process before the August recess. In South Korea, financial firms are accelerating digital-asset initiatives, including exchange shareholder changes, new teams for regulatory shifts, investments in blockchain networks and participation in a central bank digital currency pilot.
Crypto
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.