South Korea\'s financial authorities have incorporated an integrated supervision framework for the digital asset market into a government draft of the Digital Asset Basic Act. Financial Supervisory Service Governor Lee Chan-jin said the draft reflects joint oversight involving the Financial Services Commission, the FSS, the Korea Financial Intelligence Unit, and the Bank of Korea. Lawmakers also raised issues including anti-money laundering controls at won-based exchanges, alleged legal violations and unreported overseas transactions, and governance and executive accountability.

Issues ranging from banks’ loan-rate calculations to hacking incidents, IT system management and financial holding companies’ governance were raised at a National Assembly audit. Lawmakers questioned whether banks cut preferential rates after tighter rules on loan add-on rates. They also probed differences in cybersecurity systems among banks and called for stronger standards. Delayed detection of internal system errors, including cases at Toss Bank, was cited. Governance and outside director appointment procedures at BNK Financial Group, Woori Financial Group and KB Financial Group affiliates were also questioned.