Seoul: South Korea plans to complete at least 70 percent of the tasks required in the first half for inclusion in the developed market status under Morgan Stanley Capital International (MSCI), the finance ministry said Thursday.

According to Yonhap News Agency, Second Vice Finance Minister Huh Chang discussed the government's road map for the inclusion with officials from the central bank and financial authorities, as stated by the Ministry of Finance and Economy. The ministry said South Korea has completed 25 of the 39 tasks needed for the country's bid to be classified as a developed market by MSCI and plans to complete three more by the end of June.

Under MSCI's market classification, 23 countries and regions are categorized as developed markets, while 25 others, including South Korea, are classified as emerging markets. During the meeting, officials also discussed measures to strengthen monitoring of cross-border cryptocurrency transactions, including requiring virtual asset service providers seeking to transfer virtual assets overseas to register with the finance ministry and report details of such transactions to the central bank.