Korea

Five crypto exchanges and one wallet provider have so far submitted their registration documents. Only Upbit has been formally approved by the FSC.

Nearly 40 exchanges are set to suspend all services, while 28 have ISMS certification and can continue trading without the Korean won.

The appeal will follow a court decision to nullify an FSS decision to ban Woori Financial Group chairman Sohn Tae-seung for three years.

To help support small businesses, state-run financial institutions will provide liquidity worth about 4 trillion won.

The closure of almost 40 of Korea’s crypto exchanges would eliminate 42 so-called Kimchi coins and potentially result in $2.6bn in investor losses.

Six industry bodies have filed a joint request asking regulators to grant their boards more autonomy over their internal affairs rather than punishing their executives.

The FSC and FSS have ordered Kakao and Naver to alter or halt the sale of financial products online and register as brokerages by 24 September.

Fintech startups will test their business ideas for 11 weeks between 27 September and 10 December, and announce their results by year end.

Fractional trading is expected to become available within this year for foreign stocks, and in Q3 2022 for domestic stocks, the FSC said.

The additional New Deal fund will be financed through 80bn won in investments from the private sector and 20bn won from the government.