South Korea Seeks Public Assistance In Reporting Unlicensed Crypto Exchanges

South Korean financial regulators are looking for support from users to report any unlicensed cryptocurrency exchanges offering services to Koreans.

What Happened: The Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU) of South Korea teamed up to scan through unlicensed crypto exchanges.

DAXA includes five of the major virtual asset exchanges operating in the country, such as Upbit, Bithumb, Coinone, Korbit, and Gopax.

See Also: Warren Buffett Said 'Rat Poison' Bitcoin 'Creates Nothing,' But Now It's Bigger Than Berkshire Hathaway

DAXA added, “that if operators continue to engage in “undeclared business activities,” then the FIU “plans to take necessary measures, including notifying the investigative agency.”

The country plans to find domestic and foreign virtual asset business operators targeting Korean citizens and not working per Article 7 of the Specific Financial Information Act.

Why It Matters: The news comes on the heels of South Korea ramping up involvement in the crypto industry. The Democratic Party of South Korea requires that parliamentary candidates must disclose any personal crypto holdings for transparency purposes.

South Korean Financial Supervisory Service (FSS) announced in October 2023 that it is initiating preparations for regulations to supplement the Virtual Asset Users Protection Act, which was passed earlier in 2023. FSS believes that new regulations are likely to be in place by December 2024.

South Korea’s central bank also plans to invite 100,000 citizens to test its upcoming central bank digital currency (CBDC) in 2024.

Now Read: Shiba Inu Shows Weakness Compared To Bitcoin, Dogecoin But A Golden Cross Just Formed