DAXA Expands Advisory Committee with Legal and Anti-Money Laundering Experts

04/26/2023 05:02 • Blockchain Briefs • 157 views

On April 26th, DAXA, a joint advisory body of the Korea Digital Asset Exchange, announced the appointment of Si mook Kim, a lawyer at Law Firm Law, and Lee Min seop, the head of the anti money laundering team at Kim&Chang Law Firm, as members of the advisory committee. DAXA disclosed the implementation status and plan of self-regulation on the 3rd, revealing that it has established an anti money laundering department and Upbit is responsible for the anti money laundering subcommittee. （Decenter）

South Korea’s DAXA Appoints New Advisory Members for its Anti Money Laundering Advisory Committee

Introduction

On April 26th, the Korea Digital Asset Exchange’s joint advisory body, DAXA, announced the appointment of two new members to its advisory committee. Si Mook Kim, a lawyer at Law Firm Law, and Lee Min Seop, the head of the anti-money laundering team at Kim & Chang Law Firm.

DAXA’s Self-Regulation Plan

DAXA recently disclosed its implementation status and plan of self-regulation on the 3rd of this month, revealing that it has established an anti-money laundering department. Upbit is responsible for the anti-money laundering subcommittee. This new move by DAXA aims to tighten its grip on anti-money laundering measures and improve security measures in a bid to build consumer trust.

Why Self-Regulation?

The crypto market has had its fair share of controversies and scandals which have greatly affected consumer confidence in the technology. As blockchain technology continues to thrive and attract more investors, it is important to have measures in place to curb illegal activities such as money laundering and terrorist funding.

DAXA’s Focus on Anti-Money Laundering

DAXA’s move to appoint Lee Min Seop as a member of its advisory committee is a strategic move towards strengthening its anti-money laundering measures. The company has also established an anti-money laundering department to ensure that it complies with global anti-money laundering regulations. This move will help reduce the chances of money laundering activities taking place on its platform and improve consumer trust.

Si Mook Kim’s Role in the Advisory Committee

As a lawyer with extensive experience in legal regulations and practices, Si Mook Kim’s appointment to the advisory committee will be a valuable asset to DAXA. He will help ensure that DAXA adheres to all regulatory requirements and best practices in the industry. Additionally, his expertise in blockchain technology will ensure that DAXA remains up-to-date with legal regulations in the rapidly evolving industry.

Conclusion

DAXA’s recent appointment of Lee Min Seop and Si Mook Kim is a strategic move towards improving its anti-money laundering measures and building consumer trust in its platform. With the cryptocurrency market some way off from being fully regulated, DAXA’s move towards self-regulation is a smart move that will help curb illegal activities and improve overall security measures.

FAQs

1. How will DAXA’s moves towards self-regulation impact the cryptocurrency market?
2. What steps are DAXA taking to improve anti-money laundering measures?
3. What role will Si Mook Kim play in the advisory committee?

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