Korea

A new classification system will distinguish between “general PEFs” and “institution-only PEFs”. PEFs will be subject to increased monitoring and external audits.

The revised guidelines enhance consumer data protections. MyData businesses will begin offering services via standardised APIs from 1 December 2021.

Up to 11 cryptocurrency exchanges in Korea are planning to shut down after their deposit accounts were linked to fraudulent activities.

Daishin Securities is asked to compensate investors up to 80% of losses after it missold funds managed by Lime Asset Management.

Users will be able to access information about their prepaid deposit accounts from mobile applications of any FI offering open banking.

Crypto exchanges in Korea are required to use bank accounts under their real names. Third party bank accounts are not allowed.

Sumitomo Mitsui Financial Group and SMBC Nikko Securities filed a joint application with the CSRC on Tuesday.

Foreign VASPs that continue to target Korean customers after 24 September without registering with KoFIU will be subject to penalties in Korea.

Listing applicants in Korea have recently had to lower their IPO pricing to address FSS concerns over high valuations.

The Covid-19 pandemic and a lack of IT engineers are said to be stalling system development and API testing.