This is the Thursday morning briefing. We selected 4 items, centered on 2 releases issued yesterday (October 7) by the Ministry of Justice and the Ministry of Finance and Economy, plus legal changes on recreational boating licenses and the operation of children’s school buses.
Today’s 3 key points
- The student visa system will change so that international students with Korean proficiency of TOPIK Level 4 (Korea Immigration and Integration Program Level 4) or higher are exempt from proving financial capacity when applying for a visa.
- A draft Enforcement Decree has been pre-announced that creates registration requirements for currency exchange businesses, such as equity capital of at least 10 million won, and cancels registration after a single violation if the business is used for voice phishing, illegal “hwanchigi” (unregistered cross-border) remittances, etc. (comments until October 26 (Mon)).
- Penalties for operating recreational watercraft under the influence will be broken down by blood alcohol concentration, and an operator’s license can be revoked for refusing a test.
1. Student visas: financial proof exemption, job-seeking visa stay period differentiated from 1 to 3 years
- What changes: The Ministry of Justice announced the results of discussions by the “Council for Improving the International Student Visa System,” launched on April 20. As of August 2026, there are 350,000 international students.
- Entry stage: When a D-2 (Study Abroad) visa is issued, applicants with TOPIK Level 4 or Korea Immigration and Integration Program Level 4 or higher are exempt from proving financial capacity; the study-expense deposit system will be expanded to countries requiring focused management
- Enrollment stage: Part-time work permits will be simplified to Korean-language and credit criteria, but the Korean-language requirement will be raised to Korea Immigration and Integration Program Level 3; students with a “part-time work confirmation” issued by their university will be exempt from submitting additional documents
- After graduation: The D-10 (Job Seeking) stay period will be differentiated from 1 to 3 years depending on Korean proficiency and level of job preparation; a pathway for science and engineering students to switch to the E-7-4 (Skilled Worker) visa will be pursued; a multiple-entry visit visa (tentative name) for graduates who have returned home will be created
- Departments that run weekend, night, or online programs improperly will have their visa preference benefits suspended even if they hold the International Education Quality Assurance certification
- Who is affected: International students currently enrolled at or admitted to Korean universities, students preparing to work in Korea after graduation, and universities recruiting international students.
- When: The Ministry of Justice’s own improvement tasks are scheduled to take effect from the second half of 2026; tasks requiring consultation with related ministries and the amendment of the Immigration Act (creating a dedicated chapter for international students) will be finalized later. Effective dates for each task: ⚠️ verify with the original text.
- A word from the haengjeongsa (administrative agent): Since Korean proficiency will determine part-time work and even the job-seeking stay period, we recommend obtaining TOPIK Level 4 or completing Korea Immigration and Integration Program levels in advance while enrolled. If you are about to graduate, please check the visa requirements for your desired occupation before applying for D-10.
- Source: Ministry of Justice · Preparing for the era of 400,000 international students, shifting visa policy from “recruitment” to “growth”
2. New registration requirements and one-strike cancellation for currency exchange businesses: Foreign Exchange Transactions Act Enforcement Decree pre-announced
- What changes: The Ministry of Finance and Economy pre-announced an amendment to the “Enforcement Decree of the Foreign Exchange Transactions Act.”
- New registration requirements for currency exchange businesses: Checks on disqualification grounds for executives (personnel requirement) and equity capital of at least the amount set by the Minister by public notice, which must be 10 million won or more (material requirement)
- One-strike registration cancellation: Registration is cancelled for business violations such as voice phishing, illegal trade payments, and virtual-asset-related “hwanchigi” remittances
- Higher penalty surcharges: The cap on penalty surcharges in lieu of business suspension is raised to 40%, 60%, 80%, and 100% of profits for business suspensions of 1, 2, 3, and 4 months respectively
- Registration system for virtual asset transfer business: Covers transfers between domestic virtual asset service providers and overseas providers or personal wallets; registration requires computer facilities and 2 or more staff with 2 years of foreign exchange business experience or completed training
- Small-sum overseas remittance business and other specialized foreign exchange business will be merged into overseas payment and settlement business (6 business types)
- Who is affected: Currency exchange operators (including unmanned machines and online exchange), virtual asset service providers, and overseas remittance and payment fintech businesses.
- When: Comments until October 26 (Mon); scheduled to take effect on December 3 (Thu), in line with the effective date of the amended Foreign Exchange Transactions Act.
- A word from the haengjeongsa (administrative agent): Of the 1,346 currency exchange businesses that reported results for the first half of 2026, 581 had no foreign currency purchase records. Transitional provisions for existing businesses: ⚠️ verify with the original text. We recommend checking now whether you meet the equity capital standard and reviewing your transaction verification records.
- Source: Ministry of Finance and Economy · Pre-announcement of amendment to the “Enforcement Decree of the Foreign Exchange Transactions Act”
3. Penalties for drunk operation of recreational watercraft broken down; refusing a test leads to license revocation
- What changes: The Korea Coast Guard announced on October 6 that the amendment (alternative bill) to the “Water-Related Leisure Activities Safety Act” passed the National Assembly plenary session on October 1.
- Drunk operation of powered recreational watercraft of 5 tons or more will be penalized in tiers based on blood alcohol concentrations of 0.03%, 0.08%, and 0.2%; at 0.2% or higher, the penalty is imprisonment of 2 to 5 years or a fine of 20 million to 30 million won
- Refusing an alcohol test on watercraft of 5 tons or more, even once, is punishable by imprisonment of up to 3 years or a fine of up to 30 million won (previously imprisonment of up to 1 year or a fine of up to 10 million won)
- A legal basis for testing for drugs and hallucinogens is established for the first time, and the operator’s license can be revoked for refusing a test
- A physical examination (vision, hearing, etc.) is introduced when obtaining or renewing an operator’s license, and a legal basis is created for issuing an integrated general/yacht license
- Who is affected: Holders of and applicants for powered recreational watercraft operator’s licenses, recreational watercraft businesses, and staff at licensing exam and training institutions.
- When: At the stage of passage by the National Assembly; promulgation and effective dates: ⚠️ verify with the original text.
- A word from the haengjeongsa (administrative agent): If your operator’s license is due for renewal, physical examination documents may be added after the law takes effect, so check your renewal timing in advance. If you receive a license revocation disposition, you can file an administrative appeal within 90 days from the date you received the disposition notice, so be sure to record the date of receipt.
- Source: Haesa News · Tougher penalties for operating recreational watercraft under the influence of alcohol or drugs… refusing a test means “license revocation” (Korea Coast Guard announcement)
4. More facilities allowed to operate children’s school buses: Road Traffic Act Enforcement Decree pre-announced
- What changes: The Korean National Police Agency pre-announced an amendment to the “Enforcement Decree of the Road Traffic Act.” Children’s education and welfare facilities that could not operate school buses because they are not named in the law will be allowed to operate children’s school buses if they are facilities designated by the Commissioner General of the Korean National Police Agency in consultation with the relevant central administrative agencies (new Article 31-3 of the draft).
- Who is affected: Operators of education and welfare facilities for children that are not specified in the law.
- When: Comments until October 29 (Thu); the amended Road Traffic Act on which it is based takes effect on December 3 (Thu). The list of eligible facilities will be set by a Korean National Police Agency public notice: ⚠️ verify with the original text.
- A word from the haengjeongsa (administrative agent): To operate a school bus, you must report to the competent police station and meet vehicle structure and insurance requirements. We recommend checking during the comment period whether your facility could be covered by the public notice.
- Source: National Participatory Legislation Center · Pre-announcement of partial amendment to the Enforcement Decree of the Road Traffic Act
Deadlines to watch this week
- October 12 (Mon): Comment deadline for the re-pre-announcement of the Enforcement Rule of the Infectious Disease Control and Prevention Act (succession of disinfection business status) (October 7 briefing)
- October 26 (Mon): Comment deadline for the pre-announcement of the Foreign Exchange Transactions Act Enforcement Decree (registration requirements for currency exchange businesses)
- October 29 (Thu): Comment deadline for the pre-announcement of the Road Traffic Act Enforcement Decree (facilities allowed to operate children’s school buses)
- December 3 (Thu): Amended Foreign Exchange Transactions Act and Road Traffic Act take effect
This briefing is a guide compiled by the Hwang Yunsang Administrative Agent (Haengjeongsa) Office based on publicly available materials. Whether it applies to an individual case must be confirmed with the competent authority.