In view of ongoing discussions over virtual asset laws in the nation, the central bank of South Korea has been granted the go-ahead to intensify its examination of cryptocurrency service providers and issuers.
Bank of Korea May Get Authorization to Investigate Local Crypto Firms
The Korea Herald, a local news source, announced on April 20 that the Bank of Korea (BoK) would have the authority to look into those who run enterprises related to cryptocurrencies. The Financial Services Commission (FSC), the nation’s financial watchdog, and the South Korean central bank have been squabbling over who has control over cryptocurrencies. However, the FSC will ultimately decide how the digital asset market will be regulated.
BoK Received Approval
The Bank of Korea can now request transaction data from cryptocurrency exchanges due to concerns it has raised about stablecoins’ potential impact on the financial stability of the country. An employee of the Political Affairs Committee of the National Assembly last week reaffirmed the BoK’s authority to ask digital currency companies for data. At a subcommittee meeting on April 25, the FSC will present its official position.
“The Financial Services Commission admits that it is necessary for the Bank of Korea to have the right to request data, but it is refusing to include it in the bill.”
Democratic Party lawmaker Kim Han-gyu
According to the press, the meeting will quicken the implementation of South Korea’s virtual asset laws.
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