<p>The post <a href="https://coinpedia.org/news/south-korean-authorities-daxa-and-fiu-collaborate-to-combat-undeclared-virtual-asset-businesses/">South Korean Authorities DAXA and FIU Collaborate to Combat Undeclared Virtual Asset Businesses</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<ul> 
 <li>In an effort to crack down on unauthorized cryptocurrency exchanges, South Korean financial authorities have opened a reporting channel for individuals to submit information on such entities operating within the country.</li> 
 <li>In a decisive move, the Digital Asset Exchange Association (DAXA) has <a href="https://www.news1.kr/articles/?5250748">teamed up</a> with the Financial Intelligence Unit (FIU) to identify undeclared virtual assets. </li> 
 <li>This partnership involves the five major known virtual asset (cryptocurrency) exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax. The collaboration aims to combat undeclared virtual asset business activities targeting Korean citizens.</li> 
</ul> 
<h2 class="wp-block-heading" id="h-reporting-system-for-undeclared-virtual-asset-businesses"><strong>Reporting System for Undeclared Virtual Asset Businesses</strong></h2> 
<p>The Specific Financial Information Act (Special Financial Information Act) mandates that virtual asset business operators report their activities. However, some operators fail to adhere to this requirement. To address this issue, DAXA has initiated a reporting system for undeclared virtual asset business operators. This system allows individuals to submit reports through Docsa’s tip email.</p> 
<p>Reports must include business-related information, evidence of unreported business activities, and a reason for suspecting an unreported business. DAXA conducts an initial review based on the information received and then delivers the results to the FIU. Afterwards, when the FIU replies with the results of determining whether the business is an undeclared virtual asset business, this result will be notified to the business operator.</p> 
<h2 class="wp-block-heading" id="h-fiu-s-role-and-enforcement-measures"><strong>FIU’s Role and Enforcement Measures</strong></h2> 
<p>The FIU plays a pivotal role in assessing the reported cases and making informed decisions regarding the classification of virtual asset businesses. If the FIU determines that a business is indeed operating without proper authorization, it will notify the business operator and take necessary enforcement measures, including collaborating with investigative agencies.</p> 
<h2 class="wp-block-heading" id="h-significance-of-the-daxa-fiu-collaboration"><strong>Significance of the DAXA-FIU Collaboration</strong></h2> 
<p>The DAXA-FIU collaboration marks a significant milestone in promoting compliance and transparency within the South Korean virtual asset landscape. This collaboration demonstrates a strong commitment to safeguarding Korean citizens from potential risks associated with undeclared virtual asset businesses and fostering a robust and responsible virtual asset ecosystem.</p> 
<p>Lastly, Daksa officials explained that if the business operator continues to engage in unreported business activities, the FIU will take necessary measures, such as notifying investigative agencies. This collaboration between DAXA and FIU is a significant step towards ensuring compliance and transparency in the virtual asset industry in Korea. It also demonstrates a commitment to protecting Korean citizens from potential risks associated with undeclared virtual asset businesses.</p>

South Korean Authorities DAXA and FIU Collaborate to Combat Undeclared Virtual Asset Businesses

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