my timesThe Korea Times

Economy

PolicyCryptocurrencyOthers
  • Cryptocurrency

    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback

    The nominee to head the Ministry of Finance and Economy expressed his intention on Sunday to implement the cryptocurrency tax next January as scheduled, despite pushback from both industry players and opposition lawmakers. In written materials submitted to the National Assembly ahead of a confirmation hearing slated for Tuesday, Lee Hyoung-il, who currently serves as first vice finance minister, noted that specific tax rules would be finalized through a National Tax Service public notice by year-end, ensuring taxpayers face no confusion when filing. He also defended classifying crypto asset income as miscellaneous income under the current tax framework, calling it an “appropriate” approach to applying taxpayer-friendly measures, such as a basic deduction and a single tax rate. “Given that stock trades involving major shareholders, foreign equities and unlisted shares, along with transaction taxes, are already subject to taxation, extending tax rules to crypto assets is essential for tax fairness,” he said. The crypto tax regime treats profits from transferring or lending digital

    3 MIN READBy Jun Ji-hye
    Finance minister nominee backs January crypto tax rollout despite industry, opposition pushback
  • Economy

    Korean construction stocks rise on nearing US investment deal

    2 MIN READBy Park Han-sol
    Korean construction stocks rise on nearing US investment deal
  • Economy

    More young Koreans look to stocks, bonds as retirement nest egg

    3 MIN READBy Park Han-sol
    More young Koreans look to stocks, bonds as retirement nest egg
  • Economy

    Foreign investors turn net sellers of Korean bonds in Aug.

    1 MIN READBy Yonhap
    Foreign investors turn net sellers of Korean bonds in Aug.
  • Economy

    KOSPI falls on higher oil prices, global bond yields

    2 MIN READBy Lee Hyo-jin
    KOSPI falls on higher oil prices, global bond yields
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Read more

Economy

Economy shows moderate increase in production amid improved consumption: KDI

The Korean economy is showing a moderate increase in production, thanks to improved consumption, a state-run think tank said Monday. "Recently, our economy has maintained moderate production growth, led by the service sector, thanks to improvements in consumption," the Korea Development Institute (KDI) said in its monthly economic assessment. In December, industrial output rose 1.5 percent from the previous month, while retail sales increased 0.9 percent, rebounding from a decline in November. Notably, service sector production grew 3.7 percent on gains in most areas, reflecting broad-based recovery, according to the report. The KDI said consumption is gradually recovering from a slump, supported by rising incomes and cumulative interest rate cuts, while consumer sentiment remains strong. In contrast, facility investment fell 3.6 percent, largely due to a 16.1 percent decline in transport equipment, including ships and aircraft. Construction investment also continued to weaken, with output in the sector dropping sharply. The KDI noted that investment remained sluggish, but exports, led by s

Feb 9, 2026By Yonhap
Economy shows moderate increase in production amid improved consumption: KDI
Economy

Financial watchdog to introduce tougher penalties on IT accidents

The country's financial watchdog said Monday that it will introduce a set of measures to impose tougher penalties on financial companies for IT infrastructure-related accidents. The Financial Supervisory Service (FSS) said it will draw up measures to prevent IT accidents in the financial sector, which will include punitive penalties and enhanced regulations on IT security in order to better protect consumers. The steps come as Bithumb, the country's second-largest crypto exchange, mistakenly transferred 620,000 bitcoins to 249 users participating in a promotional event around 7 p.m. Friday. That amounted to an average of 2,490 bitcoins worth 244 billion won ($166 million) per user. Some recipients sold the bitcoin, causing a brief but sharp drop in prices. Bithumb earlier said it had recovered 618,212 bitcoins and later recouped 93 percent of the 1,788 bitcoins sold by users. The FSS also said it will probe price-rigging activities in the virtual asset market this year.

Feb 9, 2026By Yonhap
Financial watchdog to introduce tougher penalties on IT accidents
Policy

Gov't to tighten real estate purchase rules for foreigners to curb speculative deals

The government will begin enforcing tighter real estate transaction rules for foreigners this week to prevent speculative property purchases involving suspicious overseas funds, the land ministry said Monday. Under a revision to the enforcement rules of the Real Estate Transaction Reporting Act, foreign nationals who sign property purchase contracts starting Tuesday will be required to disclose their visa status and whether they qualify as legal residents when filing transaction reports to local authorities. Inclusion of information regarding overseas bank deposits, foreign loans and offshore financial institutions will be also be newly required. Currently, only local deposits and financial institutions are required for foreigners when reporting home purchases. Proceeds from stock and bond sales, as well as those from cryptocurrencies, will also be newly required when used as part of the funds to purchase a home here, according to the ministry. The measures follow a government probe last year that identified 416 suspected cases of illegal real estate transactions involving foreign buyers

Feb 9, 2026By Yonhap
Gov't to tighten real estate purchase rules for foreigners to curb speculative deals
Cryptocurrency

86 customers sell bitcoins accidentally sent by Bithumb: authorities

A total of 86 customers have sold some or all of the bitcoins accidentally sent to them by Bithumb, a Korean crypto exchange, last week, financial authorities said Monday. On Friday, the crypto exchange accidentally gave away more than $40 billion worth of bitcoins to its customers in a promotional event, temporary making them multi-millionaires. It had planned to give away small cash rewards totaling 620,000 won ($423.6) to 249 customers, but instead sent 620,000 bitcoins, triggering a sell-off at the exchange. The crypto exchange halted the transactions and began retrieving the wrongfully sent bitcoins at around 7:40 p.m. Friday. Bithumb said it has recouped most of the bitcoins sold by users, but has yet to recover 125 bitcoins, worth around 13 billion won. Of them, around 3 billion won is said to have already been withdrawn and transferred to customers' bank accounts. The remaining 10 billion won has been used to purchase other virtual assets, according to the officials. "We are individually contacting customers who have already sold off the wrongly sent bitcoins and persuading them to

Feb 9, 2026By Yonhap
86 customers sell bitcoins accidentally sent by Bithumb: authorities
Policy

Korea weighs delisting penny stocks to boost capital market

Financial authorities are reviewing measures to make stocks trading below 1,000 won ($0.68) per share subject to delisting, as part of the Lee Jae Myung administration’s push to revitalize the domestic capital market, government officials said Sunday. Data from the Korea Exchange show that the number of so-called penny stocks listed on the Kosdaq stood at 170 as of Friday, accounting for about 10 percent of the secondary bourse's 1,822 listed companies. While the figure has edged down slightly from 178 at the start of this year, it represents a sharp 38.2 percent increase from early 2024, when 123 such stocks were listed. Over the same period, the Kosdaq index climbed from 878.93 to 1,080.77, indicating that the increase in penny stocks happened despite a broader market upswing. On the country’s main bourse, the KOSPI, 56 stocks were classified as penny stocks as of Friday. These stocks are typically associated with high volatility and are often viewed as prone to speculative trading and price manipulation. Against this backdrop, authorities are reviewing whether penny stocks should b

Feb 8, 2026By Jun Ji-hye
Korea weighs delisting penny stocks to boost capital market
Cryptocurrency

Bithumb's 620,000-bitcoin mishap exposes systemic internal control failure

Bithumb’s erroneous distribution of 620,000 bitcoins is widely seen as more than just human error, laying bare serious structural flaws in the cryptocurrency exchange’s asset ledger management system and internal controls, financial authorities and politicians said Sunday. Controversy centers on the system’s failure to properly block abnormal transactions. Questions have also been raised over how Bithumb, whose actual bitcoin holdings are estimated at around 40,000, was able to execute payouts totaling 620,000 bitcoins. Financial authorities believe the unprecedented episode underscores fundamental vulnerabilities in digital asset management, making regulatory sanctions inevitable. The incident occurred during Bithumb’s “random box” promotional event, which invited users to open a virtual box for cash rewards ranging from 2,000 won ($1.36) to 50,000 won. On Friday, the country’s second-largest cryptocurrency exchange was about to distribute cash rewards to 695 participants. However, during the payout process at around 7 p.m., an employee mistakenly entered the payout denomi

Feb 8, 2026By Jun Ji-hye
Bithumb's 620,000-bitcoin mishap exposes systemic internal control failure
Economy

Auto parts exports to US fall for 1st time in 5 yrs in 2025

Korea's exports of auto parts to the United States fell in 2025 for the first time in five years, data showed Sunday, as domestic automakers expanded local sourcing in the U.S. amid tariff measures. Shipments of automotive parts to the U.S. declined 6.7 percent from a year earlier to $7.67 billion last year, according to data compiled by the Korea Auto Industries Cooperative Association. It marked the first annual fall since 2020, when exports fell 11.5 percent. Exports to Korea's largest overseas market had since risen steadily in recent years, increasing from $6.91 billion in 2021 to $8.03 billion in 2022, $8.08 billion in 2023 and $8.22 billion in 2024. The association said proposed 25 percent tariffs on auto imports under the Donald Trump administration dealt a serious blow to Korea's automotive exports and the broader industry. Industry analysts said the higher tariffs prompted automakers, including Hyundai Motor Co. and Kia Corp., to expand local parts procurement in the U.S. The U.S. began imposing a 25 percent tariff on imported auto parts in May last year. Under an agreement betw

Feb 8, 2026By Yonhap
Auto parts exports to US fall for 1st time in 5 yrs in 2025
Others

Tightened lending leads to record profits for ‘Big 4’ financial groups

Korea’s top four financial groups posted a combined net profit of more than 18 trillion won ($12 billion) last year, aided paradoxically by aggressive government measures to curb household lending, market watchers said Friday. The record figure came after the banks raised lending rates through higher discretionary add-ons in line with policy guidance to rein in loan growth, while keeping deposit rates below 3 percent. This effectively charged more on loans and paid less on savings. Market conditions were favorable, notably due to a weak won relative to the U.S. dollar. However, the four firms recorded double-digit growth in non-interest income, driven by rising sales and management fees involving equity-related products amid the KOSPI rally. Also strong were foreign exchange derivatives trading and bancassurance businesses, in which banks sell insurance products through their branch networks or digital channels. According to financial market data, KB Financial recorded a net profit of over 5.8 trillion won last year, maintaining its position as the industry leader. Shinhan Financial fol

Feb 6, 2026By Lee Kyung-min
Tightened lending leads to record profits for ‘Big 4’ financial groups
Others

Securities firms gain on banks in bullish stock market

Securities firms are increasingly outperforming banks and their holding companies in the finance industry, an unusual reversal in a sector long dominated by traditional banking, industry officials said Friday. Among the leading brokerages, Mirae Asset Securities surpassed Woori Financial Group — the holding company of flagship affiliate Woori Bank — in market capitalization, while Korea Investment & Securities outperformed NH NongHyup Bank in net income. As of Friday, Mirae Asset Securities’ market capitalization stood at 27.22 trillion won ($18.53 billion), ranking 27th on the benchmark KOSPI among 841 listed companies. It trails KB Financial Group, the country’s largest financial holding company with 55.66 trillion won (12th), Shinhan Financial Group at 45.44 trillion won (15th) and Hana Financial Group at 31.89 trillion won (22nd). Woori Financial Group, the smallest of the four bank groups, occupies 31st place with 23.82 trillion won. According to the Korea Exchange, it is the first time that a securities firm’s market capitalization has surpassed any of the top four financ

Feb 6, 2026By Yi Whan-woo
Securities firms gain on banks in bullish stock market
Others

Upbit operator Dunamu donates $68,000 in bitcoin to support Korean Olympic athletes

Dunamu, operator of Korea’s largest crypto exchange Upbit, donated 100 million won ($68,000) in bitcoin to support Korean athletes at the 2026 Milan Cortina Olympics, the firm said Friday. The donation comes amid the growing role of digital assets in sports sponsorship. Dunamu said it made the donation to the Korean Sport & Olympic Committee to help boost morale for the national team and contribute to the long-term development of Korea’s winter sports. The donation was delivered Wednesday at 6 p.m. (local time) in Milan, one of the host cities for the upcoming Games. The donation ceremony was attended by Sunghoon of K-pop group ENHYPEN, a former figure skater who currently serves as a promotional ambassador for the committee. As part of its Olympic partnership, Dunamu plans to roll out a series of promotional campaigns during the Games from Friday to Feb. 22. These include sending messages of support to all 71 Korean athletes and hosting Olympic-themed events through the Upbit app. The donation follows Dunamu’s broader sponsorship agreement with the committee signed in October last y

Feb 6, 2026By Lee Kyung-min
Upbit operator Dunamu donates $68,000 in bitcoin to support Korean Olympic athletes
previous page
131132133134135
next page

Most Read in Economy