The FSC said the standards will align with the ISSB standards and be interoperable with major economies like the US and EU.
A platform called Winnerz used celebrities to attract investment in fake cryptocurrencies and then prevented investors from withdrawing their money.
KoFIU will also block "unqualified operators" from entering the market and "expel unqualified operators that have already entered the market".
If approved, Daegu Bank will be the first to take advantage of a recent regulatory amendment that expedites the process of converting a regional bank to a commercial bank.
Banks and financial holding companies will have to submit "responsibilities map" covering internal control functions by January 2025.
The FSC proposes to strengthen disclosure requirements for M&As and make third-party reviews mandatory.
A year after Binance bought a majority stake in crypto exchange GOPAX, the regulator still has not approved the shareholding revision.
This will be the first new government bond futures introduced in Korea since 2008, enabling better hedging of longer-term interest rate risk.
The FSS released a roadmap to facilitate implementation of the new law, which will allow illegal activity to be punished with life.
The CEO and CTO were sentenced to seven years and one year in jail, respectively, for embezzling KRW 10 billion in customer funds.
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