South Korean financial authorities are reviewing plans to establish a new incorporated association for virtual assets rather than restructure the Digital Asset eXchange Alliance (DAXA). A preparatory committee could develop the organization, rules and staffing, while the new body may assume key self-regulatory functions, including listing and delisting standards, market monitoring and dispute mediation. DAXA, an industry alliance of Upbit, Bithumb, Coinone, Korbit and Gopax, lacks corporate legal status and statutory enforcement authority. The proposal comes as South Korea prepares the second phase of its Digital Asset Basic Act. Phase one took effect in July 2024 and focused on user protection and unfair trading, while phase two is expected to address market structure, licensing and corporate participation. The association’s structure, authority and launch timing remain unsettled and will be shaped through legislative discussions.