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Finance

Korea to expand tax breaks, launch new ISA to encourage long-term domestic stock investment

South Korea will give long-term investors in the National Growth Fund both income deductions on invested amounts and separate low-rate taxation on dividend income. The government will also create a domestic-market-only “productive finance ISA” with significantly expanded tax benefits compared with existing ISAs. Eligible investments will be limited to domestic stocks and funds, the National Growth Fund and BDCs, while overseas ETF investing will be excluded. Tax changes are expected to be reflected in this year’s tax law amendment bill.

Finance

Prosecutors raid Meritz Securities over suspected use of undisclosed information

South Korean prosecutors began a forced investigation into Meritz Securities’ headquarters and the office of Meritz Financial Group Vice Chairman Kim Yong-beom over allegations that executives used undisclosed material information. Investigators seized computer hard drives and documents as they examine whether insider information was illegally used during the group’s 2022 move to make affiliates wholly owned subsidiaries. Meritz Financial shares fell 5.95 percent to 101,200 won.

Crypto

Nexthrus unveils CROSS first-half roadmap, steps up ecosystem expansion

Nexthrus unveiled a first-half roadmap for its blockchain project CROSS, outlining plans to launch new platforms and integrate user experience. The company has worked with no-code creation platform Verse8 to introduce the CROSS Forge function and is running a Game Jam with total prizes of 150,000 CROSS through Jan. 14. Nexthrus also plans to launch CROSSD, build the CROSS Hub, introduce an embedded wallet and deploy admin tools. It later plans to open CROSS Arcade and unify domains.