On June 22^nd, the five major exchanges launched a joint consultative organization Digital Asset eXchange Alliance (DAXA). Exchanges have laid the foundation to discuss self-regulation, in advance of public regulations set by financial authorities. Topics such as the independent operation of the self-regulatory committee, market monitoring, dispute resolution, disclosure, and listing requirements have been discussed. Partner attorney Ohoon Kwon said, “The self-regulatory committee of DAXA must base its establishment on soon-to-be enacted Framework Act on Digital Assets and institutionally guarantee independent operation.” He also explained that the composition of the self-regulatory committee, the decision procedure, and the types of sanctions, as well as the full-time status of the chairperson and the appointment of external members, will affect the independence of the committee. [CoinDesk Korea 07.20.22]

URL: DAXA Must Establish Itself as a Trustworthy and Efficient Statutory Self-regulatory Organization