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S. Korea Mulling All-Out Ban on Cryptocurrency

S. Korea Mulling All-Out Ban on Cryptocurrency

SEOUL, Dec. 11 (Korea Bizwire) – South Korea is considering banning all kinds of cryptocurrency transactions in the country as a way to cool down the worldwide craze for digital currencies, the top financial regulator said Monday. “I don’t see bitcoin transactions as financial deals,” Financial Services Commission (FSC) Chairman Choi Jong-ku said in a luncheon meeting with reporters. ”They are not institutionalized [...]

Government to Pay Off Debts for Low-Income Earners

Government to Pay Off Debts for Low-Income Earners

SEOUL, Nov. 30 (Korea Bizwire) – The government will reimburse debts for nearly 1.6 million people to give a second chance to those haven’t been able to escape the debt trap for over a decade. According to the Financial Services Commission (FSC) on Wednesday, up to 6.2 trillion won will go towards the principal balance of [...]

South Korea’s Push to Create Its Own Goldman Sachs

South Korea’s Push to Create Its Own Goldman Sachs

SEOUL, Nov. 16 (Korea Bizwire) – South Korea is continuing efforts to create its own Goldman Sachs, with the government encouraging firms to become larger in size to compete with international investment banks. The Financial Services Commission (FSC) is pushing for the establishment of a major competitive South Korean investment bank by creating an environment where [...]

‘Health Rewards’ Insurance to be Introduced Later This Year

‘Health Rewards’ Insurance to be Introduced Later This Year

SEOUL, Nov. 2 (Korea Bizwire) – Insurance plans that give incentives to clients when they improve their health by walking or getting medical checkups are set to be introduced in South Korea as soon as later this year. According to the Financial Services Commission and the Financial Supervisory Service on Wednesday, guidelines have been established [...]

Financial Authorities to Sway Investors’ Interest from Housing to Startups

Financial Authorities to Sway Investors’ Interest from Housing to Startups

SEOUL, Sept. 26 (Korea Bizwire) – South Korean financial authorities have announced it is set to reform the regulatory landscape of the country’s investment sector to sway investors’ interest away from housing investment and towards startups and venture capital for innovative companies. According to the Financial Services Commission on Sunday, South Korean financial authorities are poised [...]

Banks Urged to Tighten Mortgage Screening to Curb Property Speculation

Banks Urged to Tighten Mortgage Screening to Curb Property Speculation

SEOUL, Aug. 2 (Korea Bizwire) – South Korea’s top financial regulator on Wednesday urged banks and other financial institutions to tighten screenings of applications for home mortgages in a move to block speculative demand for homes before the government’s stricter lending rules go into force. Financial Services Commission (FSC) Chairman Choi Jong-ku made the remarks at [...]

S. Korea to Cut Credit-card Processing Fees for Small Merchants

S. Korea to Cut Credit-card Processing Fees for Small Merchants

SEOUL, Jul. 25 (Korea Bizwire) — South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon [...]

Over Half of Crowdfunding Startups Successfully Raise Funds

Over Half of Crowdfunding Startups Successfully Raise Funds

SEOUL, July 10 (Korea Bizwire) – Over six in ten startups in South Korea that initiated crowdfunding this year successfully managed to fund their business ideas, with around 15 projects getting help every month. According to a statement from the Financial Services Commission (FSC) on Sunday, since a crowdfunding platform was introduced last year, 197 [...]

S. Korean Gov’t to Publicly Embrace Cryptocurrencies

SEOUL, Jul. 4 (Korea Bizwire) — The South Korean government is accelerating its efforts to embrace the use of cryptocurrencies typified by bitcoin in the public sector, amid growing demand for digital assets that could replace physical money in the future. Lawmaker Park Yong-jin, a member of South Korea’s ruling Democratic Party, announced on Sunday plans [...]