{"id":77720,"date":"2023-04-24T12:12:57","date_gmt":"2023-04-24T09:12:57","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77720"},"modified":"2025-09-11T00:56:05","modified_gmt":"2025-09-10T21:56:05","slug":"media-bank-of-korea-to-tighten-oversight-of-digital-assets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-bank-of-korea-to-tighten-oversight-of-digital-assets\/","title":{"rendered":"Media: Bank of Korea to tighten oversight of digital assets"},"content":{"rendered":"<p>The Bank of Korea (BoK) is set to gain authority to investigate and monitor the activities of cryptocurrency firms, according to <a href=\\\"http:\/\/news.heraldcorp.com\/view.php?ud=20230420000682\\\">The Korea Herald<\/a>.<\/p>\n<p>BoK expressed concern about the risks to the economy posed by stablecoins, and will now be able to request transaction data from crypto exchanges.<\/p>\n<p>For two years, the central bank has competed with another agency\u2014the Financial Services Commission (FSC)\u2014for the right to regulate the <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-web3\">Web3<\/a> sector. The main authority, however, remains concentrated in the FSC.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>&#8220;The Financial Services Commission recognises that the Bank of Korea needs the right to request data, but we refuse to include this clause in the bill,&#8221; said Deputy Kim Hangyu, who is pushing the digital assets bill.<\/p>\n<\/blockquote>\n<p>The FSC expressed concerns that expanding BoK&#8217;s powers could treat cryptocurrency as traditional finance. Such an approach to regulation runs counter to the Commission&#8217;s view.<\/p>\n<p>Meanwhile, officials from South Korea&#8217;s Political Affairs Committee accused the FSC of seeking to monopolise its position as the crypto regulator.<\/p>\n<p>Earlier, in January, the local Ministry of Justice <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-to-roll-out-cryptocurrency-tracking-system-in-2023\">announced<\/a> the rollout of a system to track crypto transactions to counter money laundering in the first half of 2023.<\/p>\n<p>In February, the FSC <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-regulator-publishes-guidance-on-security-tokens\">published<\/a> guidelines on security tokens that treat assets as securities.<\/p>\n<p>Subsequently, media <a href=\"https:\/\/u1f987.com\/en\/news\/korean-regulators-eye-staking-services-reports-say\">reported<\/a> that South Korea&#8217;s financial regulators were turning their attention to <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a> services.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Korea (BoK) will gain authority to investigate and monitor the activities of cryptocurrency firms, according to The Korea Herald.<\/p>\n","protected":false},"author":1,"featured_media":77721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,974],"class_list":["post-77720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77720"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77720\/revisions"}],"predecessor-version":[{"id":77722,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77720\/revisions\/77722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77721"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}