Finance

RIA tax benefits cut raises concerns over faster exodus from Korean stocks

The tax deduction rate on capital gains from overseas stocks sold through Korea’s return-to-domestic-market account (RIA) will fall to 50 percent from 80 percent from the end of this month, prompting doubts about its policy impact. The Financial Supervisory Service said the deduction rate is determined by the settlement completion date, not the trade date. While RIA accounts increased, growth has slowed and total balances have declined, as buying of U.S. stocks has picked up again.

Crypto

Russia central bank governor says digital ruble to be unveiled Sept 1

Russia\'s central bank has reaffirmed plans to introduce its central bank digital currency, the digital ruble, on Sept. 1. Governor Elvira Nabiullina said preparations have been completed and the rollout will follow the previously announced schedule. She said all preparations were in place and the digital ruble would complement the existing ruble, with financial and credit institutions handling it first. Legal changes are also due to take effect on the same date.