Bank of Korea given right to investigate local crypto firms: Report
April 23. 2023
By Martin Young
The South Korean central bank will be able to access crypto transaction data from exchanges operating in the country.
The central bank of South Korea has been given the green light to ramp up its scrutiny of cryptocurrency service operators and issuers amid further discussions on virtual asset legislation in the country.
On April 20, local media outlet The Korea Herald reported that the Bank of Korea (BoK) will be given the right to investigate operators of cryptocurrency-related businesses.
The South Korean central bank has been competing with the country’s financial regulator, the Financial Services Commission (FSC), over crypto jurisdiction. However, the FSC will have the final say in governing the regulation of the digital asset sector.
The Bank of Korea expressed concerns over financial stability risks from stablecoins and will now be able to request transaction data from crypto exchanges.
The BoK’s right to request data from digital currency operators was confirmed by an official from the National Assembly’s Political Affairs Committee last week. The FSC will express its official position at a subcommittee meeting on April 25.
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