FIU assesses exchanges' readiness for corporate investors

South Korea's Financial Intelligence Unit (FIU) is assessing the preparedness of domestic cryptocurrency exchanges for increased corporate participation, Edaily reported. The Digital Asset Exchange Alliance (DAXA) is scheduled to collect and submit data on the preparations of its five members—Dunamu (Upbit), Bithumb, Coinone, Korbit, and Streami (Gopax)—to the FIU by 5:00 a.m. UTC today. This move follows a request from the FIU on May 4 for information on each exchange's readiness for the implementation of the second phase of a government roadmap for corporate participation in the virtual asset market. The FIU is reportedly seeking data on overall Anti-Money Laundering (AML) preparations, including whether the exchanges have improved their Know Your Customer (KYC) procedures and Suspicious Transaction Reporting (STR) systems.