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Report: Bank Of Korea Authorized To Conduct Inspections On Crypto Firms

Press Releases Crypto News Bitcoinist Report: Bank Of Korea Authorized To Conduct Inspections On Crypto Firms

The Bank of Korea (BoK) can now investigate local crypto exchanges. According to a report, the bank has the authority to conduct on-site inspections and even request financial records from exchanges operating within the country.

The main objective of the Bank of Korea is to ensure the stability of prices throughout the nation. This responsibility, in turn, allows the bank to control and improve the economy.

South Korean Bank To Oversee Transaction Data Of Crypto Local Exchanges

The new rights will allow the central bank to monitor the activities of cryptocurrency exchanges more closely and take action if necessary. This includes the power to issue fines and even revoke licenses if exchanges violate digital asset regulations.

The move comes amid growing concerns over the potential risks posed by cryptocurrencies to financial stability and the economy. The Bank of Korea is aware of these risks, such as money laundering and tax evasion, and is willing to take further steps to curb such occurrences.

However, taking such steps requires that the bank possesses such authority, which it received last week from an official of the National Assembly’s Political Affairs committee. The report also noted that the Federal Service Commission (FSC) would officially pronounce the bank’s position in a subcommittee meeting on April 25. The prospective meeting may also speed up the rollout of the country’s digital asset laws.

Furthermore, a Democratic Party lawmaker, Kim Han-gyu, said that the FSC supports the new position of the central bank to request and oversee transaction data of digital asset exchanges. However, the FSC also mentioned that it would not include this event in the bill.

Crypto Regulations In South Korea

While the legal situation in South Korea might be complex, it addresses the safety and security of the industry, including crypto investors and users. The <

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Author: Eli Dambel

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