Korea

The project, approved under the FSC's sandbox programme, will also involve KEB Hana Bank, Hana Financial Investment and Amicus Lex, among others.

The FSC has granted approval to Shinhan AI to operate as an investment consulting service, and is expected to soon grant it an asset management licence.

Korea has adjusted its domestic implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.

Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.

According to the FSC, messenger app operator Kakao has met the qualification criteria for owning a 34% stake in Kakao Bank, one of Korea's two internet-only banks.

The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.

The FSC has announced changes to the operational procedures of its evaluation committee for internet-only bank, amid plans to reopen applications for new licences on 10 October.

KRX found that over an eight-month period, Merrill Lynch's Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.

The CFTC found that KRX failed to disclose that it was not in compliance with a requirement to use daily stress tests to evaluate the sufficiency of its financial resources.

The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.