South Korea's DAXA raises objections to the revised draft of the Tejin Law According to Yonhap News Agency, the Digital Asset Exchange Association (DAXA) of South Korea submitted an opinion letter on the revised draft of the Implementation Order of the Specific Financial Information Act (Special Gold Act) through the National Participation in Legislation Center of the Legal Affairs Department on April 29, reflecting the opinions of 27 virtual asset service providers (VASPs) including Upbit, Bithumb and other five major exchanges. DAXA has raised objections to two core provisions in the revised draft: firstly, to treat all virtual asset transactions over 10 million Korean won as suspicious transactions and require mandatory reporting to the Financial Intelligence Analysis Unit (FIU), which is expected to lead to a surge in the annual suspicious transaction reporting volume of the five major exchanges from 63000 to 545 million, an increase of 85%; The second is to add an obligation to verify the accuracy of information in addition to the current customer identity verification obligation, which exceeds the scope of authorization by higher-level laws, and the punishment for violations is much heavier than other financial industries. The revised draft will end the legislative notice period on May 11th and is expected to be officially confirmed in July. The relevant regulations will be implemented in stages from August 2026 to 2027.