DAXA and FIU to Collaborate on Reporting Undeclared Crypto Operators in South Korea

According to Foresight News, the Digital Asset Exchange Association (DAXA) in South Korea will collaborate with the country's Financial Intelligence Unit (FIU) to accept reports on undeclared virtual asset operators. The targeted operators are domestic and foreign virtual asset operators who have not submitted reports according to Article 7 of the Specific Financial Information Act and are conducting unreported business with South Koreans.

DAXA will conduct a preliminary review of the reported cases and forward the results to the FIU. The FIU will then respond to DAXA with its determination on whether the undeclared crypto business qualifies as a crypto business and inform the concerned company of the outcome.