South Korea’s central bank is a step closer to being granted powers to investigate digital asset platforms, according to a report from South Korean news outlet Herald Business.

In light of the recent scandals within the cryptocurrency space, the country’s National Assembly has been discussing a law that will provide a clearer and broader regulatory framework for the nascent industry.

An official within the government’s Political Affairs Committee told Herald Business that a proposal that would allow the Bank of Korea (BOK) to request documents from digital asset companies has been all but approved.

The Financial Services Commission has been hesitant to allow the BOK’s bid to get more involved in supervising digital asset providers, stating it would be tantamount to acknowledging the monetary nature of cryptocurrencies.

“If the FSS’s (Financial Supervisory Services) inspections are specified in the Virtual Asset Act, it will cause misunderstanding among the general public that virtual asset markets and businesses are treated the same as financial markets and institutions”, was one of the Financial Services Commission’s arguments to denying larger oversight to the country’s central bank, according to a translated version of the report.

The BOK, however, argued they should have the right to request documentation from virtual asset providers and issuers, especially when it comes to stablecoins, due to the monetary aspect of these instru

Go to Source to See Full Article
Author: Pedro Solimano

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details