This photo shows bank ATM machines in Seoul, Dec. 25. Yonhap

The ceiling on bank deposits guaranteed in case of bankruptcies will be raised from 50 million won ($34,000) to 100 million won sometime next year, the financial regulator said Monday.

Last week, the National Assembly passed a bill on doubling the ceiling of bank deposits protected by law, which has been in place since 2001, to better reflect the growth of the country's economy.

The revision will take effect within one year of promulgation.

An alternative trading system (ATS) is also expected to set sail during the first half of next year for greater efficiency and convenience in the trading of securities, according to the Financial Services Commission (FSC).

Should the country's first ATS be put in place, the country's stock exchange sector may undergo an overhaul.

Currently, the Korea Exchange, launched in 1956, is the country's only national operator of the stock market.

The regulator plans to resume stock short selling on March 31 after establishing a platform to monitor short selling that can help identify illegal transactions.

Korea imposed a temporary ban on stock short selling in November 2023 after a series of naked short selling allegations were detected at several global investment banks in the country.

The ban was originally set to be lifted before the start of July but has been extended until March 30.

Short selling has been a contentious political issue in Korea, with retail investors often blaming the practice for driving stocks lower. (Yonhap)