Regulatory Oversight Intensifies for Gala Token in South Korea

• DAXA has extended its close monitoring period for the Gala project.
• The consultative body comprises Korea’s top five crypto exchanges.
• Gala aims to empower users and content creators across the globe.

According to reports, the Digital Asset eXchange Alliance (DAXA), a consultative body of South Korea’s top cryptocurrency exchanges, has extended its close monitoring of the Gala (GALA) token. The extension will allow DAXA to conduct a more thorough review of the token’s status.

DAXA is a consultative body launched by Korea’s top five crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. The body launched in 2022 amid calls for preemptive measures to protect customers from potential crypto-related fiascos.

At launch, DAXA declared its aim to drive the sustainable growth of the crypto industry in Korea and develop measures to enhance customer protection. The consultative body was formed in the wake of the Terra and Luna coin collapse.

The participating exchanges jointly declared their commitment to establishing stringent rules throughout the crypto trading process. They…

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