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KakaoPay s plan to set up digital insurer facing setback

KakaoPay s plan to set up digital insurer facing setback Posted : 2021-05-03 15:25 Updated : 2021-05-03 15:27 KakaoPay CEO Ryu Young-joon, left, and Financial Services Commission (FSC) Chairman Eun Sung-soo applaud at the ceremony for the launch of the open banking service in this December 2019 file photo. Courtesy of FSC By Park Jae-hyuk KakaoPay is facing difficulties achieving its grand goal of launching an internet-only insurance company in the second half of the year, raising concerns that this could possibly have a negative impact on its planned initial public offering (IPO). The mobile payment unit of Kakao has yet to receive preliminary approval for the establishment of its digital non-life insurer, after applying Dec. 29.

Cryptocurrency surfaces as issue for presidential election

Employees of Korea s financial regulator ordered to report crypto holdings

Employees of Korea’s financial regulator ordered to report crypto holdings Korea is strengthening its crypto regulations, imposing reporting requirements on all employees of its Financial Services Commission. 13642 Total views News Korean Financial Services Commission (FSC) Chairman Eun Sung-soo has ordered FSC officials who hold crypto to file reports on their investments by May 7. The FSC employees subject to reporting are those who manage virtual currency tech developments, those responsible for drafting and applying virtual currency laws, and those who report on and manage crypto exchanges. An article from the Korea Times noted the comparative lack of regulation surrounding FSC officials’ investments in crypto when compared to traditional financial products.

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