Starting in the second half of this year, the interbank foreign exchange market will operate 24 hours a day without interruption. The lottery purchasing options will expand from traditional offline outlets and PCs to mobile platforms, and the contribution limits for the Yellow Umbrella Fund, a safety net for small business owners and self-employed individuals, will be increased.
The Ministry of Finance announced on June 30 the release of a booklet titled 'Changes Starting in the Second Half of 2026,' which outlines 245 new or modified laws and regulations set to take effect across various sectors and agencies.
One of the most significant changes in the finance, economy, and taxation sectors is the extension of foreign exchange market operating hours. Beginning in July, the interbank foreign exchange market will operate 24 hours a day on weekdays, excluding January 1 and weekends.
Previously, foreign investors and import-export companies faced challenges conducting real-time foreign exchange transactions during South Korea's early morning hours. With the new schedule, they will be able to place currency exchange orders without time constraints, improving risk management for import-export businesses and enhancing market access for foreign investors.
The government aims to enhance accessibility to domestic foreign exchange and capital markets through the 24-hour operation of the foreign exchange market, laying the groundwork for the modernization of the won market. This is expected to improve investment conditions in the domestic capital market as the convenience for overseas investors increases.
The method of purchasing lottery tickets will also change. Previously, tickets could only be bought at offline locations and via PCs, but now they will also be available for purchase on mobile devices. The government plans to pilot mobile lottery sales to enhance purchasing convenience.
Proceeds from lottery sales will be used for public welfare projects, including support for vulnerable populations. The government also intends to promote a healthy lottery usage environment alongside the expansion of purchasing channels.
Support measures for small business owners and self-employed individuals will be strengthened in the second half of the year. The contribution limit for the Yellow Umbrella Fund will be increased from a quarterly limit of 3 million won to an annual limit of 18 million won. The Yellow Umbrella Fund is a savings scheme designed for small businesses and self-employed individuals to prepare for business closure or retirement.
With the increased contribution limit, small business owners will have more options for tax savings and retirement planning. This initiative aims to bolster the safety net for self-employed individuals amid rising costs and sluggish domestic demand.
Additionally, artificial intelligence (AI) services will be introduced in tax administration. The National Tax Service will gradually implement a tax expert AI chatbot for home tax services. The service will initially cover comprehensive income tax and tax credits, expanding to value-added tax starting in July.
The AI chatbot will provide interactive responses to taxpayers' inquiries and guide them to the reporting interface when necessary. It is expected to offer reliable consulting services based on verified cases and the latest tax laws.
* This article has been translated by AI.
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