The Digital Asset Exchange Alliance (DAXA) is supporting non-won digital asset exchanges in implementing the system ahead of an expansion of the Telecommunications Fraud Damage Refund Act.

DAXA said on July 29 it held a policy and practical workshop for non-won digital asset exchanges at Dreamplus Gangnam in Seoul on July 28.

Non-won exchanges are operators that support only digital asset-to-asset trading without won deposits or withdrawals. The workshop was arranged ahead of the implementation of the amended Telecommunications Fraud Damage Refund Act on Oct. 1.

The core of the amended law is expanding refund targets from being limited to money to include digital assets. Under the change, digital asset exchanges must also carry out related duties such as victim relief, payment suspensions and refunds of victim assets.

At the workshop, DAXA outlined step-by-step work procedures from filing and receiving victim relief applications through payment suspensions, objections, extinction of claims and refunds of victim assets.

It also shared what exchanges need to prepare before the law takes effect and practical points to note. Participants reviewed their state of readiness and discussed anticipated issues during implementation and response measures.

Kim Jae-jin (김재진), DAXA's standing vice chairman, said, "I hope this workshop helps operators fully understand related obligations and carry them out without disruption." He added, "We will support the entire industry so it can jointly comply with regulations and move to protect investors."