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Finance

ELS fines cut to 600 billion won after local elections, financial policy in focus

With the June 3 local elections over, attention in South Korea’s financial sector is shifting back to financial authorities and the National Assembly. Issues that lost traction during the campaign, including governance reform at financial holding firms, digital asset regulation, loan rules for non-resident single-homeowners and a compensation liability system for voice phishing, may return to the agenda in the second half. Regulators have also adjusted ELS sanctions and stepped up work on consumer protection and AI security threats.

Fintech

RIA deduction rate cut to 80 percent amid muted return of Korean retail investors

The tax deduction rate on capital gains from overseas stocks in return-to-domestic-market accounts (RIA) fell to 80 percent this month from 100 percent, and will drop to 50 percent from August, complicating efforts to draw overseas equity money back to South Korea. Data showed limited domestic inflows through RIA and a May shift to net selling of U.S. stocks, while U.S. stock holdings by Korean investors still rose. Industry voices call for measures beyond tax breaks to boost the appeal of local markets.

Finance

Mitos puts financial security to the test as network separation easing begins

Single-stock leveraged ETFs and ETNs tied to Samsung Electronics and SK Hynix sharpened semiconductor concentration in South Korea\'s stock market, with first-day turnover topping 10 trillion won. Regulators warned investors about amplified losses. Financial firms also stepped up responses to AI-driven cyber threats as the emergence of high-performance AI \"Mitos\" raised concerns about more sophisticated hacking, prompting authorities to review easing and possible full removal of network separation rules.