Korea

The Democratic Party of Korea's Lee Jae-myung is set to become the world's first presidential candidate to raise campaign funds using NFTs.

A private fund manager will be selected to manage 20% of the fund, which will prioritise investment in carbon net zero initiatives and local New Deal sectors.

On Wednesday, 33 firms started offering MyData services, enabling consumers to centralise management of their data from different institutions.

The CCRS and 5 state-backed guarantee institutions have agreed to adjust credit recovery standards to help borrowers of guaranteed loans return to normal more quickly.

Six domestic banks and five foreign banks were selected to serve as market makers of the KRW-RMB direct trading market in 2022.

The CD rate has been actively replaced with Korea's new RFR, known as KOFR, since its introduction on 25 November, the FSC said.

The work plan focuses on measures to maintain financial stability, reduce debt risks, promote financial innovation, and enhance the FSC's rules on network security.

The BOK said it will remain ready to resume the programme in the event that market conditions worsen in future.

The revised fees will take effect from January 2022 and save businesses almost half a trillion won.

In all, 29 VASPs have been approved out of a total 42 that filed for registration by the 24 September deadline. Decisions on five entities are still pending.