DAXA Says It Is Reviewing Support Measures for Digital Asset Basic Act, but No Task Force Has Been Decided

The Digital Asset eXchange Alliance, or DAXA, said it is continuing to review measures needed to support legislation of South Korea’s Digital Asset Basic Act, but has not decided to create a separate task force.

In an explanatory statement released on September 16, DAXA said it was "continuously reviewing matters necessary to support legislation of the Digital Asset Basic Act."

It added that media reports saying a new task force would be created to respond to the proposed law were inaccurate. "The reported launch of a task force has not been decided or finalized at this time," DAXA said. It also stressed that nothing has been confirmed about a new organization, including its name.

Earlier on September 16, Maeil Business Newspaper reported that DAXA had held an advisory committee meeting the previous day and was pursuing the creation of a task force to respond to legislation of the Digital Asset Basic Act. According to the report, DAXA reviewed a plan to reduce its regular monthly meetings to once a quarter and combine regular and non-regular activities depending on key issues related to the basic law.

The report said ideas under discussion also included operating the task force from the bill’s proposal through its passage in the National Assembly and setting up detailed sub-task forces by topic.

It also said DAXA had discussed publishing issue papers and analyses of pending issues related to the basic law, as well as running "DAXA Tea Salon" sessions to share policy issues with journalists and breakfast meetings for chief executives and other C-level officials at member firms.

DAXA said it is reviewing various ways to support legislation of the Digital Asset Basic Act, but that no specific decision has been made on creating a new organization or what it would be called.