Search results for Finance and Economy Ministry
Finance
Investment firms on edge ahead of parliament audit as leverage losses, finance hacking loom
South Korea\'s financial investment industry is bracing for a parliamentary audit that is expected to focus on investor protection and information security. Lawmakers are set to question regulators over the rollout and supervision of single-stock leveraged and inverse exchange-traded products after disclosures of retail losses. The expanding hacking incidents across financial institutions have also put securities firms\' security and internal control systems under scrutiny, alongside calls for tougher preventive inspections.
Crypto
Government to tighten tracking of cross-border digital asset transfers
The government will centrally manage records of digital assets moved to overseas exchanges or personal wallets through the Bank of Korea’s foreign-exchange information network. The Finance and Economy Ministry said it will issue for public comment an enforcement decree revising the Foreign Exchange Transactions Act. The draft details the scope, registration requirements and reporting duties for virtual asset transfer services and aims to improve monitoring of cross-border flows and detect evasion and illegal transactions faster.
AI & Enterprise
Finance and Economy Ministry pushes improvements to public software scope-change contract rules
South Korea\'s Finance and Economy Ministry held its second procurement policy committee meeting of the year on Tuesday and approved measures including rationalising public construction bidding, improving systems identified through national contract dispute cases and conducting corrective inspections of self-ordering agencies. The package also targets recurring disputes over whether contract prices can be adjusted when public software specifications or work scopes change, by clarifying design-change grounds and strengthening procedural obligations for ordering agencies.
