An emergency response team made up of the Financial Services Commission, the Financial Intelligence Unit (FIU), the Financial Supervisory Service and the Digital Asset Exchange Alliance (DAXA) said on Feb. 11 it launched an "internal control upgrade taskforce".
The emergency response team said the incident underscored the need to conduct a broad review of internal control systems across all digital asset exchanges, not limited to a specific exchange. It plans to draw up measures to upgrade self-regulation and strengthen enforcement of self-regulation.
It plans to focus discussions on tasks including identifying improvements to prevent a recurrence and upgrade systems, assessing ways to boost the effectiveness of existing internal controls and self-regulation, broadly revising DAXA self-regulation rules, and turning self-regulatory improvements into internal rules for each operator.
Kim Jae-jin (김재진), standing vice chairman of DAXA, said, "The digital asset industry is taking seriously the concerns arising from this incident." He added, "I am confident that the industry’s strong will to self-correct will lead to establishing advanced internal control processes that can respond swiftly to unexpected situations in the field and prevent a recurrence."
Sangyeop Oh
yub@d-today.co.kr