Latest news with #FinancialServicesCommission
Yahoo
16 hours ago
- Business
- Yahoo
South Korea Elects Crypto-Friendly Lee Jae-myung as New President
Crypto-friendly Lee Jae-myung was elected as South Korea's new president on Wednesday, defeating the incumbent Conservative Party's leader Kim Moon-soo. During the election Lee made a number of promises to South Korea's crypto industry, appealing to the nation's 15 million crypto investors. These included legalizing spot cryptocurrency exchange-traded funds and allowing institutional investors like the National Pension Fund to make investments into certain cryptocurrencies and products, local media outlet The Korea Herald said in May. Lee also said the country should support a won-based stablecoin market "to prevent national wealth from leaking overseas," during a policy discussion with YouTube creators, The Korea Herald reported. The Democratic Party of Korea's Lee won against Kim from the People Power Party, its opposition party, by nearly three million votes in the snap election. There were more than 17 million votes in total and Lee secured 49.4% of them, data from South Korea's National Election Commission showed. South Korea has established new regulations for crypto companies over the past two years. Its National Assembly passed legislation for digital assets in 2023. The Virtual Asset User Protection Act defined what digital assets were and set penalties for unfair transactions. It also gave the Financial Services Commission authority to oversee service providers. The nation also published guidelines for regulating security tokens around a similar time. Now South Korea has started letting non-profits and exchanges sell crypto under new rules under the Financial Services Commission. Countries and leaders in Asia — like in Pakistan and Hong Kong — have been pushing for more crypto measures as the sector has jumped to reach its current $3.4 trillion market cap and crypto has become more mainstream. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
23-05-2025
- Business
- Korea Herald
Financial authorities hold meeting to assess impact of US, Japan bond yield surge
South Korea's top financial officials convened a meeting Friday to assess the potential impact of rising US and Japanese government bond yields on the domestic financial and foreign exchange markets, the finance ministry said. The meeting, chaired by acting Finance Minister Kim Beom-suk, brought together Bank of Korea Governor Rhee Chang-yong, Financial Services Commission Chairman Kim Joo-hyun and Financial Supervisory Service Governor Lee Bok-hyun, according to the Ministry of Economy and Finance. The meeting came amid heightened global market volatility, triggered in part by a sharp uptick in long-term bond yields. On Wednesday, the yield on 30-year US Treasury bonds rose 12.3 basis points to 5.092 percent, its highest closing level since October 2023. Similarly, yields on Japan's 30-year and 40-year government bonds hit multi-year highs earlier this week. The authorities emphasized that they will remain vigilant and take timely actions to ensure market stability. (Yonhap)
Yahoo
21-05-2025
- Business
- Yahoo
South Korea to Let Non-Profits, Exchanges Sell Crypto Under New FSC Rules
South Korea's financial watchdog said non-profit organizations and virtual asset exchanges will be able to sell their crypto holdings starting in June under new rules aimed at tightening oversight while enabling operational flexibility. In February, the Financial Services Commission (FSC), the country's top financial regulator, revealed it was planning to lift a ban imposed in back in 2017 that restricted corporations and banks from trading cryptocurrencies a bid to avoid 'overheated speculation.' Details of the process were agreed on earlier this month, the FSC said in a statement on its website. Under the new framework, non-profits must meet a strict set of conditions, including at least five years of audited operations and the formation of internal committees to vet donations, the Financial Services Commission (FSC), the country's top financial regulator, said in a press release. They'll only be able to accept crypto that's listed on at least three Korean won-based exchanges and will generally be required to sell donated tokens immediately. Exchanges, meanwhile, will be allowed to sell crypto, but only to raise operating capital. They'll face daily sale limits and will be banned from selling through their own platforms. Only the top 20 coins by market capitalization traded on major Korean exchanges will qualify for sale. All transactions must meet the same anti-money laundering standards applied to other virtual asset service providers, the document details. The FSC also tightened listing rules. Local crypto exchanges will need to filter out what it called 'zombie' coins — those with low trading volume or market cap — and set higher bars for listing memecoins, such as user base or transaction history thresholds. The goal is to reduce sudden price spikes and increase investor protection, the FSC said. The updated listing standards will start in June. The FSC plans to expand these rules to corporations and institutional investors later this year, as signaled in February.
Korea Herald
08-05-2025
- Business
- Korea Herald
KDB advances Hanoi branch plan as Vietnam central bank confirms application
The state-owned Korea Development Bank is moving forward with its plan to open a branch in Hanoi after receiving confirmation of its application from Vietnam's central bank — six years after first filing the request. South Korea's Financial Services Commission announced Thursday that the State Bank of Vietnam issued a confirmation letter for KDB's branch application the previous day, marking the official start of the review process. 'The confirmation letter for the Hanoi branch is the result of six years of concerted efforts by KDB and the broader Korean government,' an official from KDB said. 'We will do our best to swiftly complete the remaining procedures for final approval." The confirmation letter is the first formal document in Vietnam's licensing procedure, indicating that all necessary materials for regulatory approval have been submitted. KDB initially filed for a license in July 2019. According to the FSC, Vietnam's central bank had postponed approving new bank branches because of concerns about an oversaturated banking sector in relation to the country's economic scale. Vietnam is currently home to 45 banks headquartered locally, nine of which are foreign-owned. It is the second-largest overseas market for Korean financial institutions after the US, with 55 offices supporting more than 10,000 Korean businesses and serving a community of approximately 200,000 South Koreans residing in the country. Nine Korean bank branches operate in Vietnam, including local subsidiaries of Shinhan Bank and Woori Bank. Another state-run lender, Industrial Bank of Korea, is also awaiting approval to establish a local subsidiary in Vietnam, having submitted its application in 2017.
Arabian Post
07-05-2025
- Business
- Arabian Post
South Korea's Presidential Candidate Backs Crypto ETFs and Investor Safety
South Korea's presidential frontrunner, Lee Jae-myung, has vowed to support the approval of spot cryptocurrency exchange-traded funds and introduce measures to ensure a safer investment environment for digital assets. His proposal has stirred significant interest in the rapidly evolving sector, especially as South Korea positions itself as a key player in the global cryptocurrency market. Lee's pledge is seen as a critical move to modernise South Korea's financial system, fostering an environment that encourages crypto investments while also ensuring investor protection. The commitment comes as cryptocurrencies continue to gain mainstream attention, with both retail and institutional investors looking for more secure avenues to enter the market. Lee, who is leading the polls ahead of the June 3 election, has garnered widespread support from the financial community, with many industry experts viewing his stance as a positive step towards broader acceptance of digital assets. His proposal, which includes measures for transparency and better regulatory oversight, aims to balance innovation with safety in a market that has often been fraught with volatility and high-profile scandals. As part of his plan, Lee has also indicated that his administration would work closely with South Korea's financial regulators, including the Financial Services Commission , to facilitate the approval process for spot crypto ETFs. This would allow South Korean investors to trade cryptocurrencies in a more structured, regulated manner, mitigating some of the risks associated with direct crypto trading. The announcement comes at a time when cryptocurrencies are experiencing increased scrutiny globally, with governments and regulators seeking to address concerns over money laundering, fraud, and market manipulation. South Korea's move to approve crypto ETFs could set a new precedent in Asia, where countries like China have imposed stringent restrictions on crypto trading. In contrast, South Korea has been more open to digital assets, and Lee's policy is expected to bolster the country's reputation as a regional crypto hub. The policy proposal is part of a broader financial strategy by Lee Jae-myung to modernise South Korea's economy. His platform focuses on technological innovation and regulatory reform, ensuring that the country remains competitive in the global digital economy. By endorsing crypto ETFs, Lee seeks to tap into the growing demand for cryptocurrency investments while providing a more secure framework for both retail and institutional investors. In response to Lee's proposal, South Korea's Financial Services Commission has expressed its support for the initiative. A representative from the FSC highlighted that the commission is already preparing to work with the next administration to establish a clear regulatory framework for spot crypto ETFs. This collaboration would aim to address potential risks associated with crypto investments and provide a safer market environment for investors. The FSC has previously introduced regulatory measures to curb illegal activities in the crypto space, such as requirements for cryptocurrency exchanges to comply with anti-money laundering and know-your-customer regulations. However, the approval of spot crypto ETFs would represent a significant shift in policy, making South Korea one of the few countries in Asia to offer such products to the public. As part of his strategy, Lee Jae-myung has also emphasised the need for robust monitoring systems to prevent fraudulent activities and ensure that investors are not exposed to excessive risks. His proposal includes the establishment of dedicated bodies to oversee crypto transactions and exchanges, as well as systems to track suspicious activities in real time. These measures would provide investors with greater confidence in the market, which has often been plagued by scams and sudden price swings. The approval of spot crypto ETFs would mark a significant milestone for the South Korean market, which has seen a surge in interest from both domestic and international investors in recent years. The country's position as a technological leader in the digital space has made it an attractive market for crypto projects, and Lee's policy could serve to further solidify its standing as a global hub for cryptocurrency innovation. Lee's platform has resonated with a broad cross-section of South Korea's electorate, particularly younger voters who are more likely to view cryptocurrencies as a promising investment. The promise of clearer regulations and safer investment options has generated excitement within the industry, with many stakeholders hoping that the new administration will provide the leadership needed to navigate the challenges posed by the crypto market. However, the proposal is not without its critics. Some experts have raised concerns that South Korea may be moving too quickly to embrace cryptocurrencies, given the inherent risks involved in trading such volatile assets. These critics argue that while regulatory frameworks are necessary, they should be introduced with caution to avoid exposing investors to significant financial harm. Despite these reservations, the broader consensus within the financial community seems to favour Lee's approach, viewing it as a necessary step toward aligning South Korea's regulatory environment with the evolving global crypto landscape.
