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Corporate Watchdog Probing Mirae Asset Group over Inside Transactions

Corporate Watchdog Probing Mirae Asset Group over Inside Transactions

SEOUL, Dec. 15 (Korea Bizwire) – South Korea’s corporate watchdog is looking into whether Mirae Asset Group, a major financial service provider, is violating regulations over inside transactions among its affiliates, industry sources said Friday. The current law forbids inter-affiliate trading within a business group where the controlling family holds more than 30 percent of [...]

S. Korean Cryptocurrency Exchanges Push to Improve Transparency

S. Korean Cryptocurrency Exchanges Push to Improve Transparency

SEOUL, Dec. 15 (Korea Bizwire) – South Korean cryptocurrency exchanges said Friday they will adopt a raft of self-regulatory measures to improve transparency in trading to keep the unregulated market in check amid worries over a bitcoin frenzy. The Korean Blockchain Industry Association composed of 14 virtual currency exchanges said its members agreed to require [...]

Gov’t Shakes Up Financial Services Sector, Looks to Create “Catfish Effect”

Gov’t Shakes Up Financial Services Sector, Looks to Create “Catfish Effect”

SEOUL, Dec. 14 (Korea Bizwire) – A slew of changes are coming to the financial services sector, from internet banks and the postal service being given the green light to begin offering products – a means of beefing up competition and thereby creating a “catfish effect” – to shrinking the yearly sales volume of firms’ [...]

Vulnerable Households Likely to Suffer from Increased Debt Repayments After Rate Rise: BOK

Vulnerable Households Likely to Suffer from Increased Debt Repayments After Rate Rise: BOK

SEOUL, Dec. 14 (Korea Bizwire) — An interest rate rise in South Korea will increase the debt repayment burdens of vulnerable households who over-extended themselves on mortgages during the low rate period, the central bank said Thursday. “In general, household and corporate borrowers will be able to afford an increase in debt repayment incurred by [...]

Cryptocurreny Investors Hopeful as Government Forgoes All-out Ban

Cryptocurreny Investors Hopeful as Government Forgoes All-out Ban

SEOUL, Dec. 14 (Korea Bizwire) – A leaked draft outlining the government’s cryptocurrency regulations has been met with a sigh of relief from investors, as earlier reports of an all-out ban seem to have been debunked. Despite a number of reports that the South Korean government would follow in China’s footsteps and ban all cryptocurrency transactions, [...]

EU Says South Korea Could Be Removed from Tax Haven Blacklist by January

EU Says South Korea Could Be Removed from Tax Haven Blacklist by January

BRUSSELS, Dec. 14 (Korea Bizwire) — The European Union has said South Korea could be off its tax haven blacklist as soon as late January, if the country promises to amend or scrap tax breaks for international companies. South Korea was branded as a tax haven along with 16 other countries including Mongolia and Namibia according [...]

Tax Authorities to Zero in on Tax Avoidance by Multinational Companies

Tax Authorities to Zero in on Tax Avoidance by Multinational Companies

SEJONG, Dec. 13 (Korea Bizwire) – The government is introducing a new policy this month requiring multinational companies to submit integrated attribution reports, as part of a bid to tackle tax avoidance. The integrated reports submission system is in response to tax avoidance schemes employed by multinational companies such as the manipulation of transfer prices, the [...]