DAXA Holds Briefing on Telecommunications Fraud Refund Act for Digital Asset Exchanges

With the revised Act on the Reporting and Refund of Telecommunications Fraud set to take effect on October 1st, the Digital Asset Exchange Alliance (DAXA) provided the industry with guidance on necessary preparations and practical considerations.

The Digital Asset Exchange Alliance (DAXA) conducted an institutional and practical training session on the Act on the Prevention of Telecommunications Fraud and Refunds for non-fiat currency exchanges on the 28th at DreamPlus Gangnam in Gangnam, Seoul. DAXA

DAXA announced on the 29th that it held a briefing session on the revised Act on the Reporting and Refund of Telecommunications Fraud at Dreamplus Gangnam in Gangnam-gu, Seoul on the 28th, targeting non-fiat digital asset exchanges that only support coin-to-coin trading.

The core of the revision is that it expands the scope of voice phishing refund claims, previously limited to money, to include virtual assets. This briefing was organized to help all operators who will newly assume obligations adapt to the system and to prevent regulatory blind spots across the entire industry before the law is implemented.

DAXA provided detailed instructions on key exemplary responsibilities and work procedures for each stage – from the filing and acceptance of victim relief applications to suspension of payments, objections, termination of claims, and refund of victim assets. The session also addressed necessary preparations and practical precautions required prior to implementation. In addition, DAXA shared the current status of system preparations with the participating exchanges, and discussed expected major issues and response strategies for the implementation process going forward.

Jaejin Kim, Executive Vice President of DAXA, stated, "Regardless of whether exchanges handle fiat or non-fiat transactions, DAXA will continue to provide unwavering support so that the entire digital asset industry can set a standard for compliance and work together to protect investors."

This content was produced with the assistance of AI translation services.