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Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.

Crypto

JPMorgan expands JPM Coin to Ethereum to support institutional payments and tokenised asset settlement

JPMorgan is expanding its institutional deposit token, JPM Coin, to Ethereum. Institutional clients will be able to use the token to make payments and settle tokenised asset trades. JPM Coin represents U.S. dollars deposited at JPMorgan and allows eligible customers to transfer funds around the clock within seconds. JPMorgan said it chose Ethereum for its liquidity and customers’ existing use cases, while limiting access to approved institutional participants.

Crypto

Meritz Securities to cooperate with Canton Foundation on tokenisation and digital asset infrastructure

Meritz Securities will work with the Canton Network, a global institutional blockchain network, to explore the possibility of tokenising domestic financial assets and building digital asset infrastructure. The company said it signed a memorandum of understanding with the Canton Foundation, which operates the network. The two sides will review ways to convert financial assets into tokens within the scope allowed by regulations and discuss using Canton’s privacy-protecting institutional blockchain infrastructure in South Korea’s capital market.