{
 "jurisdiction_id": "KR",
 "jurisdiction": "South Korea",
 "url": "https://payments.gi/jurisdictions/south-korea/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 61,
  "source_register": 93
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w1a-licensing-authorisation-market-access",
   "standing_position": "Korea has no single EMI/PI regime; payments licensing is statute-by-statute and FSC-centred. The Electronic Financial Transactions Act (EFTA) is the governing instrument for most electronic financial business, with the FSC as primary licensing authority and the FSS as supervisor. Electronic-currency issuance requires a licence; most other electronic financial businesses (PG, prepaid, debit) require registration. Card business needs FSC approval under the Specialized Credit Finance Business Act; small-value overseas remittance is registered under the Foreign Exchange Transactions Act. No bloc-style passporting; foreign providers generally must incorporate locally.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://elaw.klri.re.kr/eng_mobile/viewer.do?hseq=44455 (Electronic Financial Transactions Act)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "license_route",
     "source": "https://chambers.com/content/item/4318 (Chambers FinTech, South Korea)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "license_route",
     "source": "https://www.lexology.com/library/detail.aspx?g=cfd884b5-7f03-46a8-bf8d-c3fc9d8eb3a7 (Lexology, fintech regulation in South Korea)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "license_route",
     "source": "https://iclg.com/practice-areas/fintech-laws-and-regulations/korea (ICLG Fintech 2025-26)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "authorisation_process",
     "source": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/south-korea",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Safeguarding for prepaid/e-money was materially strengthened by the EFTA amendment (passed Aug 2023) and Enforcement Decree, effective 15 September 2024: prepayment providers must separately manage 100% of advance payments via trust or payment-guarantee insurance, invested only in safe assets, with refund protection on issuer bankruptcy. Conduct/consumer-protection standards across financial products sit under the Financial Consumer Protection Act (FCPA, enacted Mar 2021). BNPL was brought into the regulatory perimeter as an ancillary service requiring FSC approval. Supervision is FSC (rules)/FSS (inspection).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "safeguarding_rule",
     "source": "https://www.fsc.go.kr/eng/pr010101/83006 (FSC press release)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "license_scope",
     "source": "https://www.fsc.go.kr/eng/pr010101/83006 (FSC press release)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "registration_threshold",
     "source": "https://architectlegal.com/NEWSLETTER (Architect Legal, EFTA prepaid obligations)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "conduct_regime",
     "source": "https://www.lexology.com/library/detail.aspx?g=2fdd3626-2083-4c6a-a058-5f9ad10ae4fa (Lexology first-step analysis)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w2-stablecoins-digital-money",
   "standing_position": "As of mid-2026 Korea has NO enacted stablecoin framework — this is a pending/horizon item, not in force. The Digital Asset Basic Act (which would define stablecoins and authorise won-pegged issuance) was repeatedly delayed from late 2025 due to a BOK/FSC dispute over whether issuance must be bank-led (BOK favours ≥51% bank-owned consortia; FSC favours admitting fintechs). A government bill is expected in 2026; proposals include 100% reserves in bank deposits/government bonds, redemption protections and a minimum issuer capital of ~KRW 5 billion. E-money/prepaid continues to be governed by the EFTA. A BDACS proof-of-concept (KRW1, 1:1 backed at Woori Bank) and a bank consortium are live in pilot form only.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "pending_legislation",
     "source": "https://www.dlnews.com/articles/regulation/south-korean-regulator-misses-government-stablecoin-deadline/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "pending_framework",
     "source": "https://koreatechdesk.com/korea-stablecoin-dilemma-digital-asset-cryptocurrency",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "pending_legislation",
     "source": "https://sumsub.com/media/news/regulatory-deadlock-halts-south-korea-stablecoin-plans/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_pilot",
     "source": "https://www.seoulz.com/korea-won-stablecoin-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "policy_direction",
     "source": "https://www.koreatimes.co.kr/economy/cryptocurrency/20260414 (Korea Times contribution)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Korea has no single DORA-equivalent instrument; operational resilience for the financial sector is built on the EFTA and its subordinate Regulation on Supervision of Electronic Financial Transactions plus FSC IT-outsourcing and cloud-use guidelines, supervised by the FSS. Cloud use for essential workloads moved from prior-reporting to ex-post reporting (within three months) under reforms targeted for 2023. Network-separation rules and the IT Outsourcing Regulations (risk assessment, BCP, subcontracting, data protection) frame third-party/outsourcing oversight.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "supervisory_regulation",
     "source": "https://www.fsc.go.kr/eng/pr010101/77676 (FSC press release)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "outsourcing_rule",
     "source": "https://cloud.google.com/security/compliance/fsc-korea",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "supervisory_architecture",
     "source": "https://d1.awsstatic.com/fs-compliance-center/pdf-summaries/south-korea.pdf",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w4-scheme-network-compliance",
   "standing_position": "Korea's card market is structurally unusual: there is effectively no Western-style interchange and no branded domestic switching network. Merchant discount pricing is regulated by the FSC under the Specialized Credit Finance Business Act, with preferential capped rates skewed to favour small merchants (large merchants pay more). The full regulated merchant discount flows back to the issuer; processors negotiate fees bilaterally with issuers. Visa/Mastercard provide badging but not domestic switching; domestic brands include BC Card, Lotte Card and T-Money. The FSC periodically resets card processing fee rates (most recently proposed amendments released Dec 2024).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://glenbrook.com/payments_views/the-south-korean-card-markets-fascinating-structure/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "regulated_pricing",
     "source": "https://www.fsc.go.kr/eng/pr010101/22195 (FSC press release)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "rule_amendment",
     "source": "https://www.vixio.com/regulatory-news/pc-daily-dash-south-korea-proposes-new-credit-card-fee-structure",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "policy_history",
     "source": "https://www.kansascityfed.org/documents/11143 (Public Authority Involvement in Payment Card Markets, Aug 2025)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w5-payment-corridor-dynamics",
   "standing_position": "Cross-border payments are governed by the Foreign Exchange Transactions Act (administered by the Ministry of Economy and Finance, with declarations to the Bank of Korea). Small-value overseas remittance is a registered business under the FETA (small-scale overseas remittance entity), supervised by the FSS. A sweeping overhaul — an Integrated Overseas Remittance Management System for real-time unified oversight of no-documentation remittances — was set to launch January 2026. Fintech MTOs (Sentbe, E9Pay, GLN/Hana) and the super-apps drive corridor flows; crypto-based and stablecoin remittance corridors (e.g. K bank's Korea–Japan Project Pax) are expanding fast, with a cross-border virtual-asset transfer framework effective December under amended FETA.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://www.bok.or.kr/eng/main/contents.do?menuNo=400191 (Bank of Korea)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "regime_reform",
     "source": "https://www.koreatimes.co.kr/business/banking-finance/20251210 (Korea Times)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "license_route",
     "source": "https://elaw.klri.re.kr/eng_mobile/viewer.do?hseq=64673 (Foreign Exchange Transactions Regulations)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor_reform",
     "source": "https://crypto.news/south-korea-crypto-remittances-jump-380-in-three-years-surpassing-banks/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor_pilot",
     "source": "https://www.koreaherald.com/article/10576789 (Korea Herald)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w6-industry-structure-commercial-dynamics",
   "standing_position": "The market is dominated by homegrown super-apps (Kakao Pay, Naver Pay, Toss/Viva Republica) and Samsung Pay, alongside three licensed internet-only banks (KakaoBank, K Bank, Toss Bank) and a heavily regulated card-issuer ecosystem. NICE Payments anchors VAN throughput. Open banking covers roughly 58% of adults (~30 million users), but card usage still dominates account-to-account transfers. Strategy is tilting toward vertical integration and tokenisation (Naver–Dunamu stablecoin plan, Kakao deposit-token project). The FSC is weighing a fourth internet-only bank.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_structure",
     "source": "https://paymentscmi.com/insights/south-korea-2025-payments-ecommerce-trends/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market_metrics",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-mobile-payment-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "open_banking",
     "source": "https://www.kenresearch.com/south-korea-digital-banking-and-open-finance-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w7-legal-litigation",
   "standing_position": "The most consequential payments-adjacent litigation/enforcement is the FIU's 'first-in, first-out' AML/KYC enforcement campaign against the five won-market crypto exchanges. Dunamu (Upbit) received a KRW 35.2bn (~US$25m) fine, a three-month new-customer suspension and a CEO warning in 2025; Dunamu filed a formal objection (automatically suspending the penalty) and is litigating in Seoul, citing the overturned Hanbitco precedent. Korbit drew a smaller KRW 2.73bn penalty; a judge overturned a Bithumb suspension in May 2026. These cases set precedent for VASP supervision and bear directly on the Naver–Dunamu merger.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "enforcement_action",
     "source": "https://www.coindesk.com/policy/2025/11/25/upbit-considering-appeal-of-usd25m-fine-by-south-korea-regulator",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "litigation",
     "source": "https://cryptorank.io/news/feed/055dc-dunamu-fiu-fine-legal-challenge",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "court_ruling",
     "source": "https://www.coindesk.com/policy/2026/05/01/bithumb-scores-a-legal-win-in-south-korea-as-six-month-suspension-is-lifted-by-local-judge",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "precedent",
     "source": "https://www.mexc.com/news/190688",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/south-korea/#w8-merchant-acquiring-risk",
   "standing_position": "Acquiring/merchant onboarding is shaped by the unique no-interchange structure: ~13 card processors enroll merchants for card acceptance via bilateral connections to issuers, with the FSC-regulated merchant discount flowing back to issuers. Payment-fee transparency was institutionalised through an FSS disclosure regime covering 18 e-finance firms; weighted-average fees averaged ~1.98% for card and ~1.74% for prepaid (Sep 2025–Feb 2026), with prepaid operators retaining a far higher share than card. Small/midsize merchants pay lower regulated rates than general merchants.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "disclosure_regime",
     "source": "https://www.ajupress.com/view/20260428173570938 (AJU Press, citing FSS)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "acquiring_structure",
     "source": "https://glenbrook.com/payments_views/the-south-korean-card-markets-fascinating-structure/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "fee_structure",
     "source": "https://www.ajupress.com/view/20260428173570938 (AJU Press, citing FSS)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Assessed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/south-korea/#w9-product-innovation-market-development",
   "standing_position": "Korea is a mature, mobile-first market with strong public-sector innovation infrastructure: an FSC regulatory sandbox under the Special Act on Financial Innovation Support, open banking and a unified national QR-code standard. The BOK has run a CBDC research programme since 2021, announced a CBDC Use-Case Test (Nov 2023) and conducted pilot operations including deposit-token e-wallets between April and June 2025. Private tokenisation (won-stablecoin builds by Naver and Kakao) is now eclipsing the sovereign-CBDC track in commercial momentum; a KRW 500bn Fintech Innovation Fund (2024–2027) is crowding in private investment.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "cbdc_pilot",
     "source": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/south-korea",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "rail_standard",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-mobile-payment-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "innovation_fund",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-real-time-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "embedded_finance",
     "source": "https://www.futuremarketinsights.com/reports/banking-as-a-service-platform-industry-analysis-in-korea",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w10-consumer-protection-app-fraud",
   "standing_position": "Korea's APP-fraud (voice phishing / vishing) regime currently rests on the Telecommunications Fraud Refund Act (Special Act on the Prevention of Loss Caused by Telecommunications-based Financial Fraud, 2011), enforced by the FSS via account-freeze and 'extinguishment of claims' reimbursement from frozen funds. Voluntary bank compensation has been low (~10% of reported cases in 2025). A major reform is in train: a proposed amendment would impose partial/full no-fault reimbursement on financial firms (victim's and criminal's institutions each covering half, per-case caps of KRW 10–50m), with carve-outs for victim intent/gross negligence — a significant shift from the negligence-based standard. Losses were projected to top KRW 1 trillion in 2025.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary_statute",
     "source": "https://seoullawgroup.com/voice-phishing-korea/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "supervisory_data",
     "source": "https://www.koreaherald.com/article/10591129 (Korea Herald, citing FSS)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "pending_amendment",
     "source": "https://en.sedaily.com/finance/2026/04/01/no-fault-voice-phishing-liability-could-cost-financial",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "regulatory_guidance",
     "source": "https://fintech.global/2025/12/11/korea-to-expand-cardholder-payback-for-phishing-losses/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w11-aml-cft-financial-crime",
   "standing_position": "[Sentinel-fed payments-context position] Korea's AML/CFT framework rests on the Financial Transaction Reports Act (FTRA / Act on Reporting and Using Specified Financial Transaction Information), the Proceeds of Crime Act and the terrorism/proliferation financing prohibition act, administered by KoFIU. VASPs must register with KoFIU (ISMS certification + real-name bank accounts) and apply the crypto travel rule on transfers over KRW 1 million. A KoFIU taskforce (kicked off Dec 2025) is overhauling the framework ahead of the 2028 FATF mutual evaluation — extending the travel rule below KRW 1m, planning UBO transparency, AML rules for lawyers/accountants, and AML-equivalent obligations for stablecoin issuers.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "travel_rule",
     "source": "sentinel.gi://notabene.id/world/south-korea (Travel Rule Korea)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "AML/CFT governed by the Act on Reporting and Use of Certain Financial Transaction Information (amended 2021 to cover VASPs) and the 2023 Virtual Asset User Protection Act, with KoFIU as FIU and FSC/FSS as prudential and VASP supervisors. A won-backed stablecoin framework (Digital Asset Basic Act) is stalled amid FSC-Bank of Korea disagreement over bank-only vs. tech-firm issuance, leaving a regulatory gap in a market larger than domestic equities trading.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — South Korea (Republic of Korea)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: OFAC listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: Financial Services Commission (FSC) — Bithumb",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: legal-gap",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w12-correspondent-banking-settlement-access",
   "standing_position": "Settlement and FX-bank access run through the Bank of Korea's foreign-exchange reporting network and designated foreign-exchange banks under the FETA; the BOK is the settlement/lender-of-last-resort backbone and issuer of currency. Cross-border correspondent flows are dominated by the five major commercial banks (~KRW 1,590tn / US$1.108tn in 2025). Banks are actively building blockchain/stablecoin settlement alternatives (NH Nonghyup/Hana on Partior; K bank Project Pax with SWIFT-interop goals; Woori–MoonPay), signalling correspondent-rail modernisation. Crypto-exchange remittance volumes (KRW 163.55tn in 2025) now rival bank corridors in some segments.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "settlement_access",
     "source": "https://www.bok.or.kr/eng/main/contents.do?menuNo=400191 (Bank of Korea)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor_volume",
     "source": "https://crypto.news/south-korea-crypto-remittances-jump-380-in-three-years-surpassing-banks/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement_modernisation",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "bank_strategy",
     "source": "https://www.coindesk.com/business/2026/05/15/hana-bank-to-acquire-usd670-million-stake-in-upbit-operator-dunamu",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-korea/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial intelligence is dominated by Naver Financial's all-stock acquisition of Dunamu (Upbit operator), valued at ~US$10.3bn, announced November 2025, with the merger delayed to a ~Sept 2026 close pending Korea FTC antitrust review and shareholder-stake-cap legislation. Banks are racing to take stakes in exchanges (Hana Bank's ~US$670m 6.55% Dunamu stake; Woori–MoonPay; securities-firm bids). Kakao Pay's ~KRW 500bn bid for SSG Pay/Smile Pay failed (July 2025). Naver earmarked ~KRW 10tn over five years for a won-pegged stablecoin platform.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.theblock.co/post/380504/naver-merger-upbit-official",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://en.sedaily.com/news/2026/03/30/naver-dunamu-merger-delayed-three-months-amid-antitrust",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.coindesk.com/business/2026/05/15/hana-bank-to-acquire-usd670-million-stake-in-upbit-operator-dunamu",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-real-time-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.mordorintelligence.com/industry-reports/south-korea-payments-market",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}