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Finance

BOK security gaps in spotlight at parliamentary audit; digital currency safety also at issue

South Korea\'s parliamentary audit put the Bank of Korea\'s cyber security response system and privacy protections for its digital currency system under scrutiny. Issues raised included more than 3,000 hacking attempts, a shortage of information security staff and possible leakage of interbank transaction data. Lawmakers also questioned the effectiveness of joint inspections with the Financial Supervisory Service and asked about the possibility of further policy rate hikes alongside updated growth and inflation forecasts.

Crypto

Ruling, opposition spar over digital asset tax as government says it will decide after review

South Korea\'s ruling and opposition parties clashed over a digital asset tax set to take effect in January. Democratic Party lawmaker Yoon Ho-jung said repeated delays have undermined policy consistency and noted major countries already tax digital assets. People Power Party lawmaker Lim I-ja raised concerns over fairness between domestic and overseas exchanges and said tax infrastructure remains insufficient. The government said it has not decided whether to proceed or delay again.

Crypto

Kim Min-seok says ruling party to reach conclusion this year on digital asset tax

South Korea\'s ruling party will reach a final conclusion within the year on digital asset taxation ahead of its planned implementation in January. Democratic Party leader Kim Min-seok raised the need for a concentrated final review, and said he also proposed the idea to Deputy Prime Minister and Finance Minister Lee Hyung-il. Under the current system, taxation is set to begin on Jan. 1, 2027, after three postponements. Industry groups cite unclear standards for various transaction types and gaps in reporting infrastructure.