The government is scurrying to implement new rules on users and operators of digital coins to effectively oversee the industry, which has been growing at a fast pace on the back of increasing appetite for risky assets. Starting from March 25, new penalty standards for cryptocurrency exchanges that infringe anti-money laundering rules will be implemented, according to the Financial Services Commission on Tuesday. Fines will be imposed on virtual asset service providers that fail to report s

South Korean stocks finished higher Tuesday on optimism for a quick economic recovery in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.46 points, or 0.7 percent, to close at 3,067.17 points. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.3 billion), with gainers outnumbering losers 558 to 279. Foreigners sold a net 28 billion won while institutions purchased a net 250 billi

The new chief of an association representing listed firms on South Korea’s tech-heavy bourse said Tuesday that the second-tier Kosdaq needs various incentives to attract more blue-chip companies and investors and prevent the exit of unicorn companies to bigger markets. “The Kosdaq market has been regulated stricter than the Kospi market. Regulations such as issuing an ‘investment alert’ to protect investors unintentionally cause the market to be undervalued,” said

The number of stock investors jumped nearly 49 percent in 2020 from a year earlier amid a bullish market run, industry data showed Tuesday. A total of 9.19 million investors held shares in 2,352 companies listed on the country's main and secondary bourses, up 48.5 percent from a year earlier, according to the data from the Korea Securities Depository. Those investors owned a combined 99.1 billion shares, with per-capita holdings standing at 10,779 shares. Retail investors in those firms closi

South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street amid falling Treasury yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.72 points, or 0.42 percent, to 3,058.43 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite added 1.05 percent, as the yield on the US 10-year Treasury note fell, easing investor concerns over earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics gaine

The market value of cryptocurrencies in South Korea has shot up nearly 10 times over the past three years amid keen investor interest, industry sources said Tuesday. According to local cryptocurrency exchange Upbit, its market index stood at 9,742.62 points as of 5:45 p.m. Monday, almost 10 times the level of 1,000 points on Oct. 1, 2017, when the index was first calculated The Upbit Market Index covers all cryptocurrencies traded in the exchange's won-denominated market and shows changes in t

Global insurance firm American International Group said Monday that it has appointed Ramzi Toubassy, the former chief of the company’s Malaysian branch, as the head of the Korean office. Toubassy, who succeeds outgoing CEO Douglas Min, will report to Steven Barnett, CEO of AIG’s Asia-Pacific General Insurance. He will start working at the Seoul office from April 1. He has more than 24 years of experience in the industry, working at the company’s global offices in the US, Le

South Korean stocks retreated Monday after choppy trading as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.68 points, or 0.28 percent, to close at 3,045.71 points. Trading volume was moderate at about 1.1 billion shares worth some 12.4 trillion won ($10.9 billion), with gainers outnumbering losers 564 to 293. Foreigners sold a net 210 bil

Viva Republica, South Korea’s leading fintech startup, officially launched a mobile stock trading system Monday. Toss opened the service preliminarily a month ago for 640,000 preregistered users, about 70 percent of whom are in their 20s and 30s. The stock trading service, which aims to attract young and new investors with easy-to-use interfaces, is incorporated into Viva Republica’s payment app Toss. “We aim to provide a satisfying investment experience for new investors as

South Korean brokerage firms saw their combined net profit jump 20.8 percent last year, thanks to a stock rally that helped them earn higher commission fees, data showed Monday. The combined net profit of 57 brokerages stood at 5.91 trillion won ($5.2 billion) in 2020, compared with a profit of 4.89 trillion won in 2019, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 13.6 trillion won in 2020, up 43.8 percent from a year ago. The brokerages

South Korea said Monday it will pump up efforts to smooth out volatility of the foreign exchange market and flows of foreign capital as rising US bond yields could increase market fluctuations. The country also saw the limited possibility of an acute outflow of foreign capital as its government bonds still offer higher returns than those of US Treasurys, according to the Ministry of Economy and Finance. The finance ministry said the country's FX market and foreign currency liquidity conditions

South Korean stocks opened slightly lower Monday as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The benchmark Korea Composite Stock Price Index fell 4.24 points, or 0.14 percent, to 3,050.15 points in the first 15 minutes of trading. Auto and financial stocks got off to a strong start, while techs slumped. Top cap Samsung Electronics lost 0.48 percent, but No. 2 chipmaker SK hynix gained 0.71 percent. Giant internet portal operator Naver t

Trading volume of digital currencies exceeds that of Kospi’s

Amid bitcoin investment frenzy, enthusiasts say digital currency payment has potential to be part of South Korea’s 3,000 trillion-won transaction market with credit cards, cash

South Korean stocks are likely to continue choppy trading through next week but under a higher ceiling, following the recent passing of a US relief package and the injection of ample liquidity for a big initial public offering event set for next week, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 3,054.39 points Friday, up 0.93 percent from a week ago. The KOSPI retreated for five sessions in a row through Wednesday as investors turned risk-averse on concern