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Archive by category Policy and Regulation

Washington’s Indo-Pacific Push Intensifies as Defense Chief Heads to Seoul

Washington’s Indo-Pacific Push Intensifies as Defense Chief Heads to Seoul

JOINT BASE ANDREWS, Maryland, Oct. 27 (Korea Bizwire) – U.S. Defense Secretary Pete Hegseth began a tour of the Indo-Pacific on Monday, a trip that unfolds like a map of American strategic anxieties: Hawaii, Japan, Malaysia, Vietnam — and finally South Korea. His message is familiar, but increasingly urgent. The Pentagon says Hegseth intends to press [...]

Bank of Korea Pushes for Bank-Issued Stablecoins to Contain Risks

Bank of Korea Pushes for Bank-Issued Stablecoins to Contain Risks

SEOUL, Oct. 27 (Korea Bizwire) – South Korea’s central bank is signaling that any won-pegged stablecoins introduced into the domestic market should be issued through regulated banks, warning that private issuers could threaten financial stability and weaken monetary control. Stablecoins could “unlock new possibilities” for the economy, the Bank of Korea said in a report [...]

BP Deal in Jeopardy as Seoul Reassesses Offshore Gas Investment

BP Deal in Jeopardy as Seoul Reassesses Offshore Gas Investment

SEJONG, Oct. 26 (Korea Bizwire) — A major offshore gas development project in the East Sea has been thrown into uncertainty as the South Korean government moves to reassess plans that the state-run Korea National Oil Corporation (KNOC) had been pursuing with British oil giant BP. Industry officials said Sunday that the Ministry of Trade, Industry [...]

Korea Enforces Harsher Penalties for Employers Who Deliberately Withhold Wages

Korea Enforces Harsher Penalties for Employers Who Deliberately Withhold Wages

SEOUL, Oct. 23 (Korea Bizwire) — Starting Thursday, South Korea began enforcing a revised labor law that allows employees to seek punitive damages of up to three times the amount of unpaid wages from employers who intentionally withhold pay, as part of a broader effort to crack down on chronic wage arrears. The Ministry of Employment [...]

Korea to Mandate Pedal Misuse Prevention Systems in All New Cars by 2029

Korea to Mandate Pedal Misuse Prevention Systems in All New Cars by 2029

SEOUL, Oct. 23 (Korea Bizwire) – New passenger cars and small commercial vehicles in South Korea will be required to be equipped with pedal misuse prevention systems starting in 2029, a move aimed at reducing accidents caused by unintended accelerations, the transport ministry said Thursday. Under the government’s plan to revise the country’s automobile safety [...]

Seoul Turns Subway Stations Into Running and Leisure Hubs

Seoul Turns Subway Stations Into Running and Leisure Hubs

SEOUL, Oct. 23 (Korea Bizwire) — In a bid to merge urban mobility with wellness culture, the Seoul Metropolitan Government has transformed parts of three subway stations into fitness and leisure spaces for runners, offering free access to facilities that blend convenience with community. The new “Runner’s Base” zones — located at Gwanghwamun Station (Line 5), [...]

Korea to Introduce First-Ever “Life Insurance Pension” Allowing Policyholders to Receive Death Benefits While Alive

Korea to Introduce First-Ever “Life Insurance Pension” Allowing Policyholders to Receive Death Benefits While Alive

  SEOUL, Oct. 23 (Korea Bizwire) — Beginning October 30, South Koreans will, for the first time, be able to convert death benefits from their life insurance policies into a steady stream of pension-style payments while still alive — a move regulators hope will reshape the country’s aging-era financial landscape. The Financial Services Commission (FSC) announced [...]

Korea Tests a “Standard Relief Meal” to Improve Food Quality at Disaster Sites

Korea Tests a “Standard Relief Meal” to Improve Food Quality at Disaster Sites

SEOUL, Oct. 23(Korea Bizwire) —  A modest tray of white rice, kimchi stew with tuna, bulgogi, stir-fried potatoes, dried seaweed, cherry tomatoes, and a banana might not seem revolutionary. Yet in South Korea’s evolving disaster management system, this humble combination marks a quiet but meaningful shift. The Korean Red Cross, in partnership with the Ministry of [...]

Korea Exchange to Shift to ‘Individual-Based’ Market Surveillance System

Korea Exchange to Shift to ‘Individual-Based’ Market Surveillance System

SEOUL, Oct. 23 (Korea Bizwire) —  South Korea will overhaul its market surveillance framework this month, moving from an “account-based” to an “individual-based” monitoring system in an effort to better detect unfair trading and improve enforcement efficiency, financial regulators announced Wednesday. The Financial Services Commission (FSC) said that amendments to the Enforcement Decree of the Capital [...]

Jeju Launches Crackdown on Price Gouging at Tourist Sites and Festivals

Jeju Launches Crackdown on Price Gouging at Tourist Sites and Festivals

JEJU, South Korea, Oct. 23 (Korea Bizwire) — The Jeju provincial government has unveiled a sweeping initiative to eliminate price gouging at tourist attractions and local festivals, following a series of public complaints about overcharging and poor-quality food during recent events. The plan, announced Wednesday after a government–private sector meeting chaired by Vice Governor Kim Ae-sook, [...]