It has been announced that the Central Bank of South Korea has been given new authority to conduct investigations into the virtual asset legislation in the country.
On April 20, local media outlet The Korea Herald announced that the Bank of Korea (BoK) will be given the right to investigate operators of cryptocurrency-related businesses. The Central Bank of South Korea continues to compete with the country’s financial regulator, the Financial Services Commission (FSC), on crypto jurisdiction. With this chain of events, the final word in regulating the digital asset industry remains with the FSC. In addition, the Central Bank of South Korea expressed its concerns about the financial risks from stablecoins, stating that it may request transaction data from crypto exchanges.
Financial Mobility Continues in South Korea
Bank of Korea’s right to request data from digital currency operators was approved last week by officials of the National Assembly’s Political Affairs Committee. The FSC, on the other hand, will announce its official stance on these events at a subcommittee meeting on April 25.
According to the report, the meeting will speed up the enactment of South Korea’s virtual presence laws. Democratic Party lawmaker Kim Han-gyu, who proposed the Crypto Assets Act, the country’s crypto regulations, said: “The Financial Services Commission acknowledges that it is necessary for the Bank of Korea to have the right to request data, but rejects it. Include that in the bill as well.”
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