South Korea is accelerating its push for MSCI developed market status with a major overhaul of its foreign exchange market. According to a Bloomberg report, the nation will launch a 24-hour foreign exchange trading system in July and relax offshore transaction rules by September. This strategic move is a critical component of a years-long campaign to elevate its market classification from 'emerging' to 'developed', a change that would unlock billions in passive foreign investment.

By extending trading hours and easing capital controls, Seoul aims to enhance market accessibility and liquidity for global investors, aligning its infrastructure with major financial hubs like London and New York. This regulatory overhaul addresses key structural barriers that have previously hindered the country's upgrade prospects, signaling a significant commitment to opening its financial markets and boosting its global economic standing.