FX Law and Regulations in Korea: Problems and Prospects

Author:

Kang Min-woo1ORCID

Affiliation:

1. Lecturer in Banking and Finance, Korea University of School of Law [02841] 145 Anam-ro Seongbuk-gu, Seoul Korea

Abstract

Abstract The last two decades of the Korean foreign exchange market regulations, especially aftermath the 1997 Asian financial crisis, can be characterised by an increased emphasis on the capital account liberalisation and deregulation. Although several new types of regulatory measures were implemented to enhance market resilience in the midst of the 2008 global financial crisis, strict control measures were largely eased in order to facilitate cross border trades. However, there are still many remaining unresolved problems and the rapidly changing financial environment poses new challenges for legal institutions surrounding the foreign exchange market. This contribution aims to shed some light on the Korean government’s efforts to facilitate foreign transactions, while maintaining equilibrium in the balance of payments and stabilising the value of currency by regulating the external shock-sensitive market. It also offers some insight for the authorities to consider to improve the legal system by providing an in-depth analysis of the recent notable changes in the regulatory landscape.

Publisher

Brill

Subject

General Medicine

Reference58 articles.

1. Forex Scandal Drives Shift to Algo Trading;Albanese C

2. Bank for International Settlement (BIS) (2019) Triennial Central Bank Survey: Foreign exchange turnover in April 2019 (16 Sep 2019).

3. Bank of Korea (BOK) (2013) Press release: Implementing the New Foreign Exchange Information System (July 2013).

4. Bank of Korea (BOK) (2016) Foreign Exchange System and Market in Korea (January 2016).

5. Bank of Korea (BOK) (2018) Understanding the Korean foreign exchange system. the BOK Friday Lecture series No. 767 (16 November 2018).

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