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[Executive Summary] The Financial Services Commission (FSC) approved the issuance of security tokens (STO) and plans to announce a regulatory system for the issuance and distribution of security tokens within this month. Under the current law, only physical securities and…
On January 26, the Korean Ministry of Justice announced through the “2023 Government Task Report” that it would introduce a virtual currency tracking system in the first half of the year. The system is a part of the ministry’s efforts…
[Executive Summary] The Financial Supervisory Service has announced guidelines to include cryptocurrencies and stablecoins under the footnote disclosure requirement. According to such requirements, companies holding cryptocurrencies must disclose specific information in the footnotes of their financial statements. However, non-fungible tokens…
[Executive Summary] Busan City launched a promotion committee for the establishment of “Busan Digital Asset Exchange (Busan Exchange).” The city plans to initiate the Busan Exchange’s services by the end of this year. According to the committee, the exchange will…
[Executive Summary] According to industry sources, Binance has recently completed due diligence procedures and is taking the final steps for the acquisition of Gopax. Gopax is one of the five major exchanges in Korea, which has linked real-name accounts with…
Security tokens, which are securities based on blockchain technology, will be fully permitted in Korea. As the first step in institutionalizing the virtual asset market, fractional investment in real estate and art will become available. At the 6th Financial Regulatory…
The entry of securities tokens (STO) into the system is expected to be initiated this month. The securities industry is also preparing to expand its business operations accordingly. According to the financial authorities and the financial investment industry on the…
The National Assembly of Korea held a plenary session on the night of the 23rd and passed an amendment to the Income Tax Act, which included the postponement of virtual asset taxation by two years. According to the current law,…
[Executive Summary] When it was revealed that some small and medium-sized coin market exchanges have listed and traded “self-issued coins,” the financial authorities launched a full investigation. The Financial Intelligence Unit (“FIU”) under the Financial Services Commission (“FSC”) sent a…
[Executive Summary] The Bank of Korea has diagnosed that it is necessary to introduce an initial exchange offering (“IEO”) system for crypto assets in Korea and to review the application of foreign exchange transaction regulations for stablecoins. In the report…
