South Korea weighs new statutory crypto association to absorb parts of DAXA

South Korean financial authorities are reviewing a plan to create a new incorporated association for virtual assets through a separate preparatory committee, selectively absorbing functions from the Digital Asset eXchange Alliance (DAXA), which has so far remained at the proposal stage in the National Assembly, Newsis reported. Ahead of legislation on the second phase of South Korea’s Digital Asset Basic Act, authorities are considering launching a preparatory committee to establish the new body, according to Newsis. An official said DAXA is currently only an industry-level group with no legal status, and authorities are considering creating a new incorporated association rather than trying to restructure the existing organization while keeping it in place.