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Regulatory Oversight Intensifies for Gala Token in South Korea

source-logo  coinedition.com 18 June 2024 13:47, UTC

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 also promised to collaborate with the Korean National Assembly before enacting a digital asset law.

GALA is the native token of Gala, a Web3 ecosystem built on GalaChain, a Layer 1 blockchain protocol focused on entertainment. Gala aims to empower users and content creators globally, with the goal of becoming the first blockchain project to reach one billion users.

Gala Games was founded in 2018 by Zynga founder Eric Schiermeyer, with the launch of its first game, Town Star, a farming simulation game. As of April 2024, Gala hosted 13 games in addition to Gala Music, comprising 78,000 tracks.

DAXA has not provided many details about the specific reasons for the extended monitoring of Gala at the time of writing.

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