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Finance

FSS calls financial sector CISOs, warns of tough measures over passive self-corrections

South Korea\'s Financial Supervisory Service called in chief information security officers from financial companies and urged stronger responses to cyberattacks using artificial intelligence. It said it will conduct on-site inspections of high-risk firms with weak basic IT controls and intensify monitoring, including management interviews. The watchdog plans checks in five areas through November and said it may reduce sanctions for minor incidents if firms make thorough self-corrections, but will take tough action if passive efforts lead to major IT and cyber incidents.

Crypto

Uzbekistan starts bond-backed stablecoin payments pilot

Uzbekistan has launched a pilot programme to use HUMO, a stablecoin pegged to the Uzbek som, for payments for goods and services. The bond-backed stablecoin is being tested in a regulatory sandbox to gauge the potential to expand digital payment infrastructure. The trial will cover issuance, circulation and redemption, as well as payments at merchants. Authorities will review collateral sufficiency, transparency, cybersecurity, consumer protection and anti-money laundering controls.

Crypto

Clarity bill seen 15 percent likely to pass this year as even Republicans say it is not easy

Prospects for the U.S. “Clarity” crypto bill are dimming, with some Republican senators warning it may lack the support needed to advance next week. Negotiations over strengthened ethics provisions sought by Democrats have shown little progress. Lawmakers from both parties say the ethics dispute remains unresolved despite ethics language in the latest Senate draft. The Senate has scheduled a procedural vote for Sept. 15. The bill’s chance of becoming law this year is put at about 15 percent.