Cooperation between traditional financial firms and crypto-asset operators is expanding, with moves by Kakao Group, brokerages and exchanges. In the United States, the OCC gave preliminary approval to two digital banks pursuing crypto custody and stablecoin business. In South Korea, the Democratic Party plans to draw up a Digital Asset Basic Act this year. Competition is also shifting across platform finance, raising questions about entry rules, conflicts of interest, consumer choice and security.

South Korea\'s Financial Services Commission said it signed a deal with Gangwon Special Self-Governing Province, the Korea Inclusive Finance Agency, the Credit Recovery Committee and Shinhan Bank to strengthen a locally tailored comprehensive support system. Under the agreement, a Gangwon comprehensive support centre will be set up to provide policy finance, debt restructuring, employment and welfare links and financial counselling in one place. Shinhan will also pursue regional products and expand outreach services.