The alliance headed by NongHyup Bank plans to launch a platform for issuing token securities in the coming months, as part of their bid to create a thriving ecosystem.
South Korea's regulatory board is eyeing sanctions against financial institutions linked to illicit forex transactions to safeguard its digital assets market following intense scrutiny among banks.
The Financial Supervisory Service has discovered KRW1.6 trillion ($1.2 billion) of forex transactions at five Woori Bank branches. Another KRW2.5 trillion ($1.9 billion) were carried out at 11 Shinhan Bank branches.
The remittances sent abroad are worth over KRW2 trillion and were said to have been made by trading the Kimchi premium, exploiting the difference in prices.
