Disgraced cryptocurrency entrepreneur Do Kwon should be extradited to the U.S. to face trial on fraud charges, rather than to his native South Korea, a court in the tiny Balkan country of Montenegro has ruled, the Wall Street Journal reported. Kwon’s lawyers have three days to appeal the ruling by the High Court in the Montenegrin capital of Podgorica, a spokeswoman for the court said Wednesday. The appeals court will have the final word in the case, she added. A local lawyer for Kwon, Goran Rodić, called the ruling illegal and pledged to appeal.

Three South Korean financial firms set aside almost $560 million combined to cover potential losses amid wider regulator concerns about real estate exposure as valuations continue to fall, Bloomberg News reported. Woori Financial Group Inc. booked a provision of 525 billion won ($396 million) in the fourth quarter after a “comprehensive examination on vulnerable areas” such as property, Vice President Sung-Wook Lee said on a call with analysts.

Shares of South Korean financial stocks fell after an industry watchdog said banks and other firms in the sector will face “stern measures” if they charge excessive interest rates or engage in other misconduct, Bloomberg News reported. “Starting this year, financial companies evading responsibility by disregarding customers’ profit or not recognizing the losses that they have to will face stern measures and even risk getting kicked out from the market,” Lee Bokhyun, the Financial Supervisory Service’s governor, said in a prepared statement Monday to address its 2024 agenda.

South Korea will take steps to make its financial markets more investor friendly and attractive to foreigners, the financial regulator said on Monday, Reuters reported. The comments by vice chairman of the Financial Services Commission (FSC), Kim So-young, came at a meeting with foreign financial firms in Seoul to discuss ways of helping them expand business, in the wake of November's ban on short-selling. "The government will make various efforts to globalise the financial industry, especially to build a more favourable environment for foreign financial firms," Kim said.

A South Korean bankruptcy court judge has called on the government to bolster regulation in the crypto industry, claiming investors need more protection, CryptoNews.com reported. Per Newsis, the claims were made by Judge Lee Seok-jun, of the Seoul Bankruptcy Court. Lee wrote a paper on “regulations intended to protect virtual asset investors.” The paper was published in the most recent issue of the Court of Korea’s academic journal Sabeub. A slew of crypto-related legal changes come into force in July this year when the Virtual Asset User Protection Act becomes law.

South Korea's government will put its focus on supporting people's livelihoods and managing risk factors, as it cut the country's 2024 GDP forecast and raised its inflation projection, Reuters reported. In its biannual economic policy plan released on Thursday, the finance ministry expected the economy to grow 2.2% in 2024, down from 2.4% seen in July, after expanding 1.4% in 2023 which was a three-year low. The ministry expected consumer prices to rise 2.6% this year, up from its previous forecast of 2.3%. In 2023, prices rose 3.6%.

Bank of Korea Governor Rhee Chang-yong said on Monday recent market concerns over a financially troubled builder are a "warning sign" over the financial risks of prolonged monetary tightening, Reuters reported. While managing inflation remains the top priority, it is important to find the right policy mix as South Korea approaches the end of its long fight to bring consumer prices under control, Rhee said in a New Year message.

After weeks of financial uncertainty and talks of looming liquidation, Farfetch has found its saving grace in South Korean e-commerce company Coupang, Jing Daily reported. Earlier yesterday, Coupang announced its acquisition of the UK-based luxury marketplace, offering $500 million in emergency funding. According to Farfetch, the capital infusion will enable the company to “continue providing exclusive brands and boutiques with bespoke, cutting-edge technology and giving leading designers access to consumers around the globe.” The news arrived at the final hour for Farfetch.

South Korea’s consumer inflation cooled more than expected in November, offering central bank authorities latitude to moderate their hawkish policy tilt going into next year, Bloomberg News reported. Consumer prices rose 3.3% from a year earlier, decelerating from 3.8% growth in October, the statistics office reported Tuesday. Economists surveyed by Bloomberg were expecting inflation to slow to 3.5%. The slowdown comes as oil price gains moderate while demand for agricultural products cools in the wake of the Chuseok holiday period.

China, Japan and South Korea agreed on Sunday to restart cooperation and pave the way for a summit in the latest move to ease tensions between the Asian neighbours, Reuters reported. Even as China and the United States seek to mend frayed ties, including a summit this month between Presidents Xi Jinping and Joe Biden, Beijing is concerned that Washington and its key regional allies are strengthening their three-way partnership.