Korea

The new "Digital Assets Basic Act" is likely to adopt various measures from 13 bills already proposed by lawmakers and pending in the National Assembly.

The agenda sets out measures to ensure financial stability, encourage digital transformation, improve the capital markets, and introduce new regulations for digital assets.

Vice chairman Kim So-young said the FSC will remove barriers that prevent financial services firms from making use of big data and AI technology effectively.

The FSC will strengthen the evaluation process to ensure businesses pursuing transformation initiatives are eligible to receive financial assistance.

The FSS said KakaoBank launched the new remittance service without proper testing, and provided prohibited loans to major shareholders.

South Korea has an opportunity to bolster innovation in digital assets as it develops new regulations for the sector, say Ripple's Susan Friedman and Rahul Advani.

The FSS sought to reprimand Sohn Tae-seung, but two courts have now ruled in favour of the Woori Financial Group chairman and CEO.

The inspection found that the amount embezzled was more than originally reported, and the Woori had insufficient internal controls in place.

Regulators may revise laws as early as this year to require short sellers trading large quantities of stocks to file reports on their activity.

Funding support will only be made available for the resolution of distress in cases where an FI has the potential to improve liquidity and capital adequacy.