The Bank of Korea (BoK) has been granted the authority to scrutinize cryptocurrency service providers and issuers in South Korea, according to local media outlet The Korea Herald. The country’s central bank has been vying with the Financial Services Commission (FSC) over crypto jurisdiction, with the FSC having the final say in regulating the digital asset sector. However, the BoK will now be able to request transaction data from crypto exchanges to address concerns over financial stability risks associated with stablecoins.
The move comes ahead of discussions on virtual asset legislation in the country and is expected to accelerate the rollout of South Korea’s virtual asset laws.
