Recently, the Korea Times reported that South Korea's financial authorities have decided to revise the country's Foreign Exchange Trading law, which was introduced in 1999, after the public expressed dissatisfaction with the restrictions of the policy.

As part of the revision, South Korea has approved nine securities firms to engage in currency exchange business, providing services to corporate and individual clients. Initially, only four brokerage firms were allowed, and they were limited to serving corporate investors.

The Korea Times further reported that the move will help reduce commissions on currency exchange as banks and securities brokerages compete for customers.

The changes to South Korea's long-term foreign exchange rules will also affect other areas, for example, while South Koreans must currently send out less than $50,000 a year to avoid submitting documentary evidence of funds, starting in June they will be able to send out up to $100,000 a year.

In addition, the amendment also means that the amount of foreign exchange that companies in the country can borrow without having to report to the country's finance ministry is no longer limited to $30 million. That amount has now been raised to $50 million. The change comes in response to the desire of Korean business owners to expand their global operations.

In addition, under the revised policy, Korean business organizations are no longer required to submit periodic reports to national fiscal authorities on their overseas branches or stakes of more than 10 percent in foreign companies; They can now only submit reports once a year.

At the same time, South Korea is seeking approval for offshore companies to participate in its local forex market to meet global standards. The country also plans to extend the operation of its foreign exchange market to 17 hours a day to allow activity to continue until London's business hours.

Currently, only 54 certified local financial institutions, including banks and securities firms, are allowed to participate in Korea's interbank foreign exchange market. However, the government intends to change this by allowing registered offshore companies (with the exception of major trading firms and hedge funds) to engage in spot and foreign exchange swap exchanges in the country.