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Finance

Financial sector audit clashes over hacking, ETFs as digital asset rules near final stage

South Korea’s parliamentary audit of the Financial Services Commission focused on a string of hacking incidents, single-stock leveraged ETFs and the effectiveness of property loan curbs. Lawmakers raised concerns over inconsistent inspection periods and limited log reviews, while calls grew to ease network separation rules to counter AI-driven threats. Regulators also discussed stablecoin legislation, cross-border tracking of digital asset transfers and preparations for tokenised securities rules, alongside broader fintech and banking industry developments.

Crypto

Digital Assets Framework Act in final stage, will not fall behind global trends

Financial Services Commission Chairman Lee Eok-won said preparations for the second stage of the Digital Assets Framework Act, including stablecoin institutionalisation, are complete and final consultations are under way. Lawmakers warned South Korea is lagging behind major economies in digital asset rulemaking and cited rising domestic trading in overseas stablecoins. Lee said the framework is largely in place and would be run based on market conditions. He also apologised for losses and market confusion after single-stock leveraged ETF launches.

Crypto

Alliances accelerate in tokenised securities from issuance to distribution and payment

With the tokenised securities system about 4 months away, partnerships among South Korean financial firms are speeding up. Firms are dividing roles with blockchain, tokenisation, platform and content companies to build business bases linking issuance, distribution and payment. Regulators have proposed amendments to related rules ahead of a Feb. 4, 2027 start date, while caps and capital requirements are set. Market competition is expected to hinge on commercial products and trading after the launch.