DAXA Sets Up Regulations for Suspicious Transaction Monitoring under Virtual Asset Act

IconCryptoNewsTerminal Staff15 Jul, 2024

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DAXA Sets Up Regulations for Suspicious Transaction Monitoring under Virtual Asset Act

DAXA, the Digital Asset Exchange Association, has established new regulations to ensure adherence to the upcoming Virtual Asset Act (VAA). These regulations include "Model Regulations for Real-Time Monitoring of Suspicious Transactions" and "Standard Advertising Regulations." The suspicious transaction monitoring regulations will implement a virtual asset warning system for self-regulation and establish common market surveillance procedures to ensure compliance with the VAA. The standard advertising regulations will outline procedures and methods for businesses to follow when advertising. According to News1, DAXA plans to implement these self-regulatory measures on the date of the VAA's implementation, which is set for the 19th. This move demonstrates DAXA's commitment to compliance and transparency within the virtual asset industry.

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