The parliament is set to deliberate on a bill that stipulates cryptocurrency exchanges obligations for investor protection as early as later this month, as rival parties share a common understanding about a need to legalize the country s growing digital asset markets.
Naver and Kakao, Korea s leading IT platform companies, each recorded internal transactions worth over one trillion won ($700 million) last year. While the volume of the internal transactions doubled at Naver during the past four years, Kakao logged a seven-fold increase in such settlements during the same period. According to documents submitted by the Fair Trade Commission (FTC) to ruling party Rep. Yun Chang-hyun, the volume of Naver s internal transactions stood at 1.15 trillion won last year, up 2.3 times from 2017. Kakao s internal transactions stood at 1.46 trillion won, which is a whopping 7.3-fold jump from 2017. The key reason behind the surge in internal transactions at the IT conglomerates was a rapid increase in the number of their subsidiaries. The number of Naver s subsidiaries increased to 54 in 2021 from 45 in 2018. Kakao saw an even bigger increase in the number of subsidiaries, almost doubling from 72 in 2018 to 136 last year.
Dunamu CEO Lee Sirgoo urged politicians to reform the current regulations on digital assets in line with international standards, without hesitating to express his concerns over lawmakers and government officials maintaining negative views concerning blockchain and cryptocurrencies.
The Financial Supervisory Service (FSS) has started looking into allegations of bad loans related to solar energy development during the former President Moon Jae-in administration. The FSS said Wednesday it is planning to look into banks detailed records regarding their approved loans related to solar energy development since 2017.