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Finance

KOFIA discusses European expansion with Luxembourg ambassador

Korea Financial Investment Association held talks with Luxembourg on ways to support Korean financial investment firms expanding into Europe and identifying new global businesses. KOFIA said its chairman Hwang Seong-yeop met Luxembourg Ambassador to South Korea Jacques Flies on May 13. The meeting discussed Luxembourg’s role as an asset management hub, its digital asset infrastructure and its space industry ecosystem, and cooperation opportunities with Korea’s financial investment industry.

Crypto

UBS starts direct bitcoin, ethereum trading for some clients

UBS began offering direct bitcoin and ethereum trading to some private banking clients from January 2026. A blockchain outlet said the move is seen as pushing Swiss banks’ crypto services into a broader adoption phase. Zurich Cantonal Bank and PostFinance launched crypto services in 2024, expanding access for more than 2.5 million Swiss accounts. Swiss banks’ crypto revenue contributions have grown, while surveys show institutional investors plan to increase digital asset exposure amid custody and regulatory concerns.

Crypto

ECB president says central bank money infrastructure should come before euro stablecoins

European Central Bank President Christine Lagarde said Europe should build a tokenised payment infrastructure based on central bank money, rather than prioritising private stablecoins, to strengthen the euro’s international role. She said expanding euro-denominated stablecoins to counter dollar-pegged tokens was not Europe’s best option. Lagarde pointed to the Eurosystem’s Pontes project and Appia roadmap, while warning of potential financial stability risks from stablecoins.