The South Korean court acquitted HSBC of charges related to illegal stock transactions. The ruling underscores the government's commitment to fairness in tackling marketplace violations.
South Korea Court Acquits HSBC
Last March, South Korean prosecutors charged HSBC and three traders at its Hong Kong office with naked short selling totaling 15.8 billion won. The Seoul Southern District Court ruled that there was no evidence HSBC staff were aware of any regulations being violated. This case was the first legal action against a foreign bank in South Korea, drawing international attention. The British universal bank welcomed the court's decision, emphasizing it did not intend to violate Korean laws.
Tightening Cryptocurrency Regulation in South Korea
South Korea is intensifying its efforts to monitor cryptocurrencies, protect investors, and ensure fair market practices. Regulation is expected to become stricter in both traditional and cryptocurrency markets. The country plans to lift the ban on short selling, while naked short selling remains prohibited.
Postponement of Crypto Tax in South Korea
South Korea has postponed the implementation of cryptocurrency taxation once more, marking the third delay since it was first proposed in 2020. Last December, the National Assembly passed an amendment to postpone the tax on virtual assets until 2027. The plan included a 20% tax on annual crypto income exceeding $1,724.
The acquittal of HSBC and changes in cryptocurrency regulation highlight South Korea's commitment to fair market practices and enhanced investor protection.
