South Korea Q2 GDP Beats Forecasts as AI Chip Exports Drive Growth 
India FMCG Q1 Earnings Preview: Higher Input Costs Likely to Weigh on Profit Margins 
Morgan Stanley Downgrades Adobe, Workday as AI Transition Raises Growth Concerns 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
Nike Shifts China Online Sales Strategy to Boost Brand and Fight Local Rivals 
Alphabet Q2 Earnings Beat Estimates as AI Spending, Google Cloud Growth Fuel Outlook 
Japan Yen Slides Past 163 as Middle East Tensions Lift US Dollar, Oil Prices 
Cathay Pacific Sees H1 Profit Surge on Strong Travel Demand 
Gold Price Jumps Near 2% Above $4,080 as Middle East Tensions Lift Safe-Haven Demand 
Oil Prices Rise as Houthi Attacks on Saudi Tankers Heighten Middle East Supply Fears 
SpaceX Q2 Earnings on Aug. 4 Set Stage for Historic Insider Share Unlock 
Domino’s Weighs Appeal After Australian Court Rules Workers Were Misled on Pay 
Chalco Shares Jump as Chinalco Plans Up to $300 Million Stake Increase 
Trump Announces 100% Tariff on Generic Drug Imports Starting in 2028 
Asian Stocks Rally on AI Spending Optimism as Middle East Tensions Push Oil to Six-Week High 
US Dollar Pauses Rally as Middle East Tensions Support Safe-Haven Demand 
Gold Price Climbs Above $4,130 as Middle East Tensions Boost Safe-Haven Demand 
South Korea’s Financial Services Commission chairman nominee, Koh Seung Beom, recently said that he does not see cryptocurrencies as a financial asset, but despite this, on Thursday, the FSC stated that it will create an independent agency to bolster the supervision of virtual assets and operators in the country.
The commission added that the bureau would also be tasked to spot and identify possible money laundering cases. The announcement about the plans to form a cryptocurrency policy review agency came just a day after Koh Seung Beom shared his belief that “cryptocurrencies are not real.”
According to The Korea Times, the Korea Financial Intelligence Unit (KFIU), a unit of the FSC that supervises anti-money laundering, will be given the power to manage the newly-formed office. The group has been dubbed as the "crypto asset monitoring bureau," and it will now begin monitoring any suspicious financial activity related to cryptocurrency assets.
The monitoring is needed for the officials to decide if they can extend the license of cryptocurrency operators or not. In addition, the establishment of the group was made to explore means on how the regulators can improve investor protection rules.
"The FSC's decision for the creation of an independent bureau inside KFIU with increased personnel is aimed at checking and monitoring cryptocurrency-related financial activity and preventing potential money laundering," an official from FSC state.
It was revealed that the FSC has been teaming up with other financial institutions to strengthen crypto regulations in S. Korea. The commission also provided a six-month grace period for the country's cryptocurrency exchange operators to register using real-name trading accounts at the KFIU. If they fail to do this, they will not be allowed to operate in the country.
Pulse News reported that four crypto exchanges in Korea are on the verge of closure as they have yet to apply for state certification for the protection of information assets. Meanwhile, the FSC already disclosed a list of crypto exchanges that have and have not filed for the required Information Security Management System (ISM) certification. If they still haven’t registered by the Sept. 24 deadline, they will be forced to shut down immediately.
