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Search results for Electronic Financial Transactions Act

Crypto

Democratic Party says it will prepare digital asset framework act within year, hold hearing soon

South Korea\'s Democratic Party reiterated its intent to enact a digital asset framework act within the year, saying a legal basis should come first and be supplemented later. Lawmaker Min Byung-deok said delays are leaving the country without adequate rules as global markets move quickly. Another lawmaker, Ahn Do-geol, called for formalising digital asset-linked products with investor protections and cited issues such as volatility, trading-hour gaps and on-chain risks. He also highlighted stablecoin legislation and plans for hearings.

Finance

Travel Wallet faces capital task ahead of 2027 Kosdaq IPO

Travel Wallet, which is seeking a Kosdaq listing in 2027, must further bolster equity as its prepaid balances have risen rapidly. South Korea\'s financial authorities required the company to increase capital and improve profitability through changes to its business structure. Travel Wallet said it can meet the management improvement standards within the deadline and that there is no change to its existing IPO schedule. The company has not disclosed its current equity or the amount of capital it needs to raise.

Finance

Cross ENF registers as issuer and manager of prepaid electronic payment instruments

Fintech startup Cross ENF has completed registration with South Korea\'s Financial Services Commission as an issuer and manager of prepaid electronic payment instruments. The company said the registration gives it electronic financial business operator status under the revised Electronic Financial Transactions Act, which strengthens user protection requirements including separate management of prepaid funds. Cross ENF plans to add top-up and payment functions to its overseas remittance service Cross and online commerce service Crossshop.