Korea

The FSC has enacted rule changes that allow domestic asset management firms to cross-list Chinese ETFs in Korea starting Friday (27 August).

24 of the 63 crypto exchanges operating in Korea have not yet applied for ISMS certification, a KoFIU registration requirement that takes months to obtain.

The BOK is looking to curb household debt and home prices. The CBSL wants to stem inflationary pressure and the depreciation of the local currency.

Brokerages and banks are starting to suspend new lending for stock and housing investments to rein in household debt.

Upbit has a partnership with K-bank for real-name verification. One or two more exchanges are expected to register by end-August.

The probe is a response to a growing scandal involving a local gift card provider, which offered users of its app large discounts and then changed its terms.

Even VASPs with real-name accounts in place do not have dedicated employees in place for AML or adequate systems for suspicious transactions reporting.

The new division will oversee the adoption and implementation of the FATF recommendations on digital assets and VASPs.

BOK board member Koh Seung-beom will lead the FSC, subject to a confirmation hearing. Former financial regulator Jeong Eun-bo will lead the FSS.

Ground X, Kakaobank, Kakao Pay, Consensys, Samsung and Onther are among the firms that will participate in the pilot. Phase one will be complete by December.