Korea

In 2024, the interbank FX market will be opened to offshore financial firms that become certified as 'registered foreign institutions'.

The inspections will prioritise high-volume crypto businesses with high money laundering risks. The disclosure system will cover issuance, listing and circulation.

Kang Jong-Hyun is suspected of conspiring to manipulate the stock price of Bithumb affiliates and steal KRW 60 billion in company funds.

Investors are expected to be able to trade security tokens in 2024 through the digital platforms of major securities firms. General investors will be subject to investment limits.

The strategies include allowing night-time derivatives trading, a change to the dividend system, new derivatives product launches, and a new market for digital securities.

MyData, Korea’s version of open banking, will be extended to small businesses, allowing credit providers to access to more data to make lending decisions.

The shipping agent was detained on charges relating to illegal shipments of diesel to North Korea conducted between October 2021 and January 2022.

The initiatives seek to mitigate risks related to financial stability, insolvencies, scams, and virtual assets, while also promoting innovation and fintech.

The "Virtual Currency Tracking System" will be launched as part of a new cloud system that will allow other agencies to leverage prosecutors' investigative and forensics expertise.

Bithumb offices were raided last week. The crypto exchange is not accused of misconduct, though it is under a separate probe for possible tax evasion.