On April 20, local media outlet The Korea Herald reported the Bank of Korea (BoK) will be given the right to investigate operators of cryptocurrency-related businesses.
While discussions on virtual asset-related laws are currently underway in the National Assembly, it seems that the Bank of Korea, the central bank of Korea, will be given the right to investigate virtual asset operators.
In the meantime, the Bank of Korea has been competing with the Financial Services Commission over this, but it was recently confirmed that the Financial Services Commission expressed its position to the National Assembly that it would accept it.
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 Bank of Korea has stated that it believes it should have the right to access information about issuers and operators of virtual assets. In particular, in the case of stablecoins (virtual assets designed to minimize price volatility), they argued that regulation by monetary authorities was necessary because of their strong nature of currency. Additionally, it seems sense that the Bank of Korea, which strives for financial stability, should oversee the virtual asset market because the risk it carries can be transmitted to the financial system.
