regulation Archives | Be Korea-savvy
Successful Cooperation Profit Sharing Relies on Participation of Large Corporations

Successful Cooperation Profit Sharing Relies on Participation of Large Corporations

SEOUL, Nov. 7 (Korea Bizwire) — The South Korean government is striving to come up with alternative profit-sharing schemes between large corporations and small-and-medium-sized companies with the intention of promoting a more horizontal relationship between them. The government is also looking to implement a coexistence model where both large corporations and SMCs can achieve a win-win [...]

S. Korea to Offer Trial Service of Machine-readable Regulation

S. Korea to Offer Trial Service of Machine-readable Regulation

SEOUL, Sept. 10 (Korea Bizwire) — South Korea’s financial watchdog said Monday it will provide a trial service of machine-readable regulation that would help companies better comply with state rules. As one of the financial technology sectors, machine-readable regulation allows companies to better meet regulatory requirements and avoid hefty fines. Financial Supervisory Service Gov. Yoon [...]

Foreign IT Firms to Designate Proxy in Charge of Personal Data

Foreign IT Firms to Designate Proxy in Charge of Personal Data

SEOUL, Aug. 31 (Korea Bizwire) – South Korea will mandate that foreign IT companies designate an official in charge of managing personal information, sources said Friday. According to the industry sources, a relevant law was passed through a regular session of the National Assembly a day earlier that makes it mandatory for companies without addresses [...]

P2P Lending Associations Create Regulations Aimed at Survival

P2P Lending Associations Create Regulations Aimed at Survival

SEOUL, Aug. 14 (Korea Bizwire) — With worry that peer-to-peer (P2P) lending financial corporations are on their last legs continuing to grow, two P2P associations that are leading the industry have each come up with their own regulations to be announced within the month. The Korea P2P Finance Association, a group that currently has 60 [...]

S. Korea Starts Real-name Trading System for Cryptocurrencies

S. Korea Starts Real-name Trading System for Cryptocurrencies

SEOUL, Jan. 30 (Korea Bizwire) – South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. The real-name trading system is also part of the government’s latest measures to curb speculative investment [...]

Gov’t to Require Cryptocurrency Exchanges to Share User Data with Banks

Gov’t to Require Cryptocurrency Exchanges to Share User Data with Banks

SEOUL, Jan. 22 (Korea Bizwire) — The government plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said Sunday. Currently, financial authorities ban banks from offering virtual accounts, which are needed to sell or buy cryptocurrencies, to [...]

New Regulation Looms over IKEA, Daiso as SMEs Minister Takes Office

New Regulation Looms over IKEA, Daiso as SMEs Minister Takes Office

SEOUL, Nov. 27 (Korea Bizwire) — The government’s review on the necessity of restricting the operating hours of large-scale specialty stores is expected to gain speed as the country’s first minister for small and medium-sized enterprises (SMEs) took office, industry watchers said Sunday. On Tuesday, Hong Jong-haak was appointed to head the Ministry of SMEs [...]

Finance Minister Nominee Vows not to Tighten Mortgage Rules

Finance Minister Nominee Vows not to Tighten Mortgage Rules

SEJONG, Jan. 8 (Korea Bizwire) - South Korea’s finance minister nominee said Friday that he has no plan to tighten a set of eased mortgage regulations amid rising public demand to tackle mounting household debt. The government eased the loan-to-value (LTV) and the debt-to-income (DTI) rules in August 2014, shortly after the inauguration of Finance Minister [...]

Top Court Approves Limit on Giant Retailer’s Operating Hours

Top Court Approves Limit on Giant Retailer’s Operating Hours

SEOUL, Nov. 19 (Korea Bizwire) – The nation’s top court on Thursday ruled in favor of municipalities restricting operating hours of giant retailers. The Supreme Court returned to a lower court for reconsideration of a ruling that was in favor of the six plaintiffs, including E-Mart, Homeplus and Lotte Mart, seeking nullification of district offices’ [...]