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Finance

Korea Payment Networks obtains prepaid licence, completes stablecoin payment PoC

Korea Payment Networks, a unit of Korea Credit Data, has completed registration to issue and manage prepaid electronic payment instruments, the company said on Aug. 18. It is discussing prepaid service integration with large franchises, retailers and public institutions. The company plans brand-specific prepaid and top-up point systems, as well as services linked to vouchers and local currencies. It has also completed a proof of concept enabling USDC payments through its payment gateway.

Crypto

South Korea to scrap 1 million won threshold for travel rule, tighten major shareholder screening at digital asset exchanges

South Korea will scrap the 1 million won threshold for applying the travel rule when transferring assets between digital asset exchanges and expand the information-sharing duty to all such transactions. Screening for reporting digital asset operators will broaden to include additional major shareholders, and requirements on financial soundness and social credit will be tightened. Rules will also strengthen controls on dealings with overseas exchanges and personal wallets, and clarify customer due diligence standards.

Finance

Travel Wallet faces capital task ahead of 2027 Kosdaq IPO

Travel Wallet, which is seeking a Kosdaq listing in 2027, must further bolster equity as its prepaid balances have risen rapidly. South Korea\'s financial authorities required the company to increase capital and improve profitability through changes to its business structure. Travel Wallet said it can meet the management improvement standards within the deadline and that there is no change to its existing IPO schedule. The company has not disclosed its current equity or the amount of capital it needs to raise.