Korea

The FSS will oversee the crypto industry, including in relation to AML rules imposed by the Act on Reporting and Using Specified Financial Transaction Information.

Despite criticism from investors, most banks adopt a 20 percent cap on dividends, as recommended by the FSC in January.

High leverage, price volatility and increased trading in crypto assets puts households at risk of financial damages, which could impact the financial system.

Internet-only banks will expand lending to mid to low credit borrowers to at least 30 percent of total lending by end-2023.

Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.

The FSC will introduce new measures later this year to increase the use of anonymised data that can be aggregated to perform data analytics.

Crypto exchanges have until 24 September to partner with banks on real-name accounts as a requirement for a business licence from the FSC.

Legislative revisions will expand the pool of microfinance funds available by requiring banks and other FIs to make mandatory contributions.

The FSS said IBK failed to adequately inform customers of potential high risks and lacked internal controls to monitor the selling process.

The testing and simulation exercise will be conducted in two phases, the first involving the creation, issuance and redemption of a digital won.