Public Opinion on the 'New Foreign Exchange Act'... Ministry of Economy and Finance Holds a 3-Week Contest

[Image source=Yonhap News]

The Ministry of Economy and Finance announced on the 7th that it will hold the 'New Foreign Exchange Act Public Opinion Proposal Contest' for three weeks starting from the 8th. Through the contest, the government aims to identify inconveniences experienced by the public during foreign exchange transactions and improve the tasks related to the promotion of the New Foreign Exchange Act.

Since September last year, the government has been reviewing the necessity of a comprehensive overhaul of the current foreign exchange transaction laws through a public-private joint task force (TF). On July 5th, a seminar was held with experts from research institutions, academia, and industry to publicly announce the plan to promote the enactment of the New Foreign Exchange Act.

This contest is being conducted to listen to the diverse voices of the general public, companies, and financial institutions who actually participate in foreign exchange transactions, and anyone can apply.

Proposals for the contest will be accepted from the 8th to the 28th of this month. After internal evaluation, five Best Idea Awards and ten Good Idea Awards will be selected, and 145 participants will receive participation prizes with a certain amount of prize money. The final results will be announced on the Ministry of Economy and Finance’s website after the 5th of next month.

The Ministry is currently researching ways to ease the 'prior reporting system for capital transactions' with Senior Research Fellow Seungho Lee of the Korea Capital Market Institute to carefully review the direction of foreign exchange system reform.

Additionally, the Ministry is discussing and researching 'legal system maintenance' measures with Professor Soonsub Jeong of Seoul National University Law School, and 'adjustment of business scope by industry' measures with Senior Research Fellow Dongsu Kang of the Korea Development Institute.

Based on related research results, the Ministry of Economy and Finance plans to prepare a basic direction (draft) for the enactment of the New Foreign Exchange Act by next month.