Korea

The rule amendments seek to address excessive regulations that have hindered digital transformation efforts in the financial sector.

The FSC will prohibit MyData services providers from buying and selling consumer data, and start conducting post-licensing inspections to ensure adequate protections are in place.

Shinhan, through its partner exchange Korbit, will become the first Korean bank to allow businesses to invest in cryptocurrencies.

President-elect Yoon Suk-yeol's government plans to relax LTV ratio restrictions and reduce taxes on owners of multiple homes.

A report will be submitted to the incoming president's transition committee requesting that banks be allowed to engage in the crypto sector.

The FSS is set to conduct 779 regular or occasional inspections on financial firms throughout this year.

The team comprises officials from the FSC and FSS, who will be authorised to investigate illegal acts in the capital market more quickly.

MMFs will still be allowed to use the book value method if more than 30 percent of their assets are 'stable assets', the definition of which has been expanded.

Banks can continue to total LCR at 85% for three more months, following which the FSC will raise the total LCR requirement back to 100% in steps.

The FSS will examine 180 companies and 17 audit firms this year, while also enhancing its audit screening exercises and strengthening punitive sanctions.