DAXA kept no records on creation of VIP benefit disclosure rules

Although South Korean virtual asset exchanges have begun disclosing fee discounts and coupon benefits provided to VIP customers, the Digital Asset Exchange Alliance (DAXA), which created the disclosure standards, kept no records of its decision-making process, the Seoul Shinmun reported, citing a response from the alliance to the office of People Power Party lawmaker Lee Heon-seung. This lack of transparency in the rule-making process runs contrary to the stated purpose of the disclosures, which is to provide insight into benefits granted to specific users and any resulting concentration.