November 21, 2024

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An employee sorts out dollars at Hana Bank's Counterfeit Notes Response Center in central Seoul on June 5. (Yonhap)

South Korea’s foreign exchange market will operate until 2 a.m. from Monday, while its crypto market is to enter a new phase with the enactment of the virtual asset user protection law this month, as part of new government measures to come into place in the latter half of this year.

The Finance Ministry announced Sunday it has released a booklet on policy changes across the government's ministries for the second half of 2024. The booklet is available at the ministry’s website and interactive webpage at whatsnew.moef.go.kr.

From Monday, the operating hours of the Korean won-US dollar exchange will be extended from the current 9 a.m.-3:30 p.m. to 9 a.m.-2 a.m. amid the authorities' push to align the market with global standards.

In the past, only certified Korean financial institutions, including banks and securities firms, were allowed to take part in the interbank forex market. But with the revision, registered offshore firms are now allowed to join the market as well.

The Act On the Protection of Virtual Asset Users will also take effect on July 19. Under the law, virtual asset service providers, including crypto exchanges, have to deposit or entrust users’ crypto deposits into separate bank accounts. Banks will have the right to divide up funds to users in the case that the exchanges claim bankruptcy.

Noncustodial parents who refuse to provide financially for their children will face punishments for failing to fulfill their obligations without a preliminary detention order from Sept. 27. The punishment involves measures such as travel bans and the suspension of one's driver's license. Their names will be put on the Ministry of Gender Equality and Family's shame list as well.

In response to a recent surge in the number of alleged illegal drug usage cases, Korea will add 14 new centers to help those suffering from drug addiction until the end of this year. The center will provide treatment and help rehabilitate addicts.

To block drug addicts from joining the Army, all those who are conscripted will be tested for narcotics from July 10. Previously, only those with a history of illegal drug use were tested.

From Monday, the fee for passport issuance will be brought down by 3,000 won ($2.17) to 50,000 won, following the government's reduction of the international exchange contribution paid as part of the passport issuance fee.

Furthermore, children under 12 will be exempt from the departure tax. The departure tax is a levy collected from everyone leaving the country through domestic airports and seaports. Previously, airports and ports had different age bars for the tax exemption.

For adults, the tax will be brought down from the previous 10,000 won to 7,000 won.

The Ministry of Employment and Labor will introduce a work-study program to train international students for industry-specific professional employment here, starting in September. The government will conduct a pilot project involving 200 approved students with D-2 and D-10 visas. Those who pass an external evaluation will then be eligible to switch to work visas such as the E-7 professional work visa.

The program will last 12-18 months, including six months of theoretical training in university and six months of on-the-job training at a company after graduation before employment. The government aims to act as a bridge to help foreign students adapt to local companies while managing and supervising the training, enabling companies to secure trained employees, it said.

This year, four institutions will operate this work-study program for international students: Daelim University, Chungbuk University of Health Sciences, Korea National University of Technology and Hongik University.

By Im Eun-byel (silverstar@heraldcorp.com)