South Korea's thoughtful approach to regulating digital assets will foster growth and innovation and result in a more vibrant and inclusive digital economy, say Rahul Advani and Angela Ang.
March 15, 2023The sanctions came hours after South Korea and the US released a joint cybersecurity advisory detailing the threat posed by North Korean ransomware actors.
February 13, 2023In 2024, the interbank FX market will be opened to offshore financial firms that become certified as 'registered foreign institutions'.
February 8, 2023The initiatives seek to mitigate risks related to financial stability, insolvencies, scams, and virtual assets, while also promoting innovation and fintech.
February 1, 2023BOK says stablecoins pegged to foreign currencies should be subject to foreign exchange laws, while those pegged to the Korean won should fall under the central bank's regulatory remit.
December 17, 2022BOK tested the use of its CBDC system to purchase NFTs, perform cross-border remittances, fulfill seizure orders, and automate AML/CFT monitoring and STR filings.
November 8, 2022BOK eased its collateral policies and opened a new repo facility. The FSC adjusted the loan-to-deposit ratio. KSFC and KDB are providing liquidity to securities firms.
October 28, 2022Any foreign currency transactions worth more than KRW 5,000 has to be reported to the central bank, or face penalties for violating Korea's foreign exchange laws.
October 20, 2022The stabilisation fund will be worth a reported $7bn and be used to inject money in the local stock market if it continues to fall.
October 6, 2022BOK says the ban has resulted in domestic companies turning overseas to issue new crypto assets, which are then listed on Korean crypto exchanges.
August 31, 2022