Korea

Crypto exchanges are also being asked to draft guidelines on the listing and delisting of digital tokens, so as to protect investors from another Terra-like collapse.

The review period will be limited to one year in principle, with the possibility of a six-month extension, to prevent accounting reviews from being prolonged.

Regulators also plan to launch a 'Digital Assets Committee' this month to bring additional safeguards and regulatory structure to Korea's crypto industry.

The task force will first conduct fact-finding inspections and investigate areas with a high probability of short selling violations.

So-called 'Business Development Companies' will be listed on the stock market and allowed to invest in and lend to startups and innovative companies.

The FSS will seek to understand why Woori's internal control system failed to detect embezzlement by its employee over ten years.

The FSC says thirteen relevant bills on digital asset investor protection are currently pending at the National Assembly.

A joint investigations team that was disbanded in January 2020 has now been reinstated to respond to financial and securities crimes.

Days earlier a Woori Bank employee was arrested for embezzling KRW 61.4 billion between 2012 and 2018.

More banks will be able to offer services to crypto investors. The Bank of Korea Act will be revised to allow CBDC introduction.