Korea's DAXA collaborates with the regulatory agency FIU to accept reports regarding unreported virtual asset operators

ChainCatcher news, according to News1, the Digital Asset Exchange Association (DAXA) in South Korea will collaborate with the Financial Intelligence Unit (FIU) to accept reports regarding unreported virtual asset operators.

The targets of the reports are domestic and foreign virtual asset operators who have not submitted reports in accordance with Article 7 of the Act on Reporting and Using Specified Financial Transaction Information (Special Act) and are conducting unreported business with Koreans. DAXA will conduct a preliminary review of the reports and will forward the results to the FIU. The FIU will respond to DAXA with its determination of whether the unreported crypto business falls under the category of crypto business and will inform the enterprise of the results.