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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

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.

Crypto

LG CNS launches KITL digital asset infrastructure platform, to work with Circle and others

LG CNS launched a blockchain infrastructure platform called KITL that it said provides the infrastructure needed to build digital asset services such as stablecoins, tokenised securities and real-world assets. The company said KITL offers four functions: electronic wallets, transaction processing, fee payment on behalf of users and collection of transaction histories. LG CNS also said it built a global partner ecosystem by signing MOUs with five blockchain-related firms including Circle, Securitize, the Canton Foundation, Chainalysis and Chainlink.