South Korea Establishes Digital Asset Protection Foundation to Ensure Safe Refunds for Users of Bankrupt Exchanges

South Korea Establishes Digital Asset Protection Foundation to Ensure Safe Refunds for Users of Bankrupt Exchanges

On September 26, 2024, the Financial Services Commission (FSC) of South Korea approved the establishment of the “Digital Asset Protection Foundation” by the Digital Asset Exchange Association (DAXA). The primary objective is to address the issue of fund retrieval for assets stranded in defunct cryptocurrency exchanges, with operations expected to commence in October 2024

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