DAXA Prepares 'IT System and User Protection Best Practices' for Virtual Asset Operators, Effective in July

DAXA (Digital Asset eXchange Alliance) announced on the 16th that it has prepared 'Best Practices for IT System Operation and User Protection for Virtual Asset Operators' through a task force jointly formed with the Financial Supervisory Service and virtual asset operators.

This guideline aims to enhance the IT stability and user protection of virtual asset exchanges, prompted by criticisms of inadequate compensation standards and procedures for user damage in the event of system failures and hacking incidents.

The guidelines include ▲ obligations to ensure service stability and reliability and clarify compensation responsibilities ▲ management of system performance and capacity and establishment of emergency response systems to maintain business continuity ▲ IT internal control and information protection standards to prevent system failures ▲ fair and responsible compensation principles and procedures.

Each operator is expected to reorganize their internal regulations and business processes based on these guidelines and apply them starting in July.

DAXA plans to support the market adoption of the guidelines in cooperation with financial authorities and continuously improve any deficiencies.

Meanwhile, all member companies of DAXA voluntarily joined the Financial Security Institute on the 15th, despite not being required to do so.

This move aims to respond to the increasing threat of hacking and strengthen security capabilities to enhance user protection.

Kim Jae-jin, Executive Vice President of DAXA, stated, "Through these best practices, the IT stability and user protection system of domestic virtual asset operators will be further strengthened," adding, "It is expected to contribute to enhancing the credibility of the virtual asset market."

Reporter Park Chan-hwi pch8477@wowtv.co.kr