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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.

Crypto

KB Securities signs MOU with Canton, Wavebridge to build digital asset infrastructure

KB Securities is partnering with the Canton Foundation and Wavebridge to push a shift in South Korea\'s capital markets toward distributed ledger-based infrastructure. The three signed a memorandum of understanding on June 4 at KB Securities\' headquarters in Seoul\'s Yeouido district. They will jointly review applying Canton Network-based infrastructure to domestic capital market transactions. They also plan to expand cooperation to introducing distributed ledger-based financial products and building overseas distribution infrastructure.

Crypto

Coinone launches four-way alliance, declares move beyond exchange to comprehensive finance platform

Coinone said it has brought in Korea Investment & Securities and OKX as new strategic investors and will move beyond a digital asset exchange to a blockchain-based comprehensive financial platform. Under the deal, Korea Investment & Securities and OKX will each take a 20 percent stake to become joint third-largest shareholders, while CEO Cha Myung-hoon will retain 30 percent. Existing shareholder Com2uS Holdings will keep its position.