U.S. markets open in 9 hours 17 minutes
  • S&P Futures

    4,228.00
    +5.75 (+0.14%)
     
  • Dow Futures

    33,830.00
    +25.00 (+0.07%)
     
  • Nasdaq Futures

    14,202.25
    +36.75 (+0.26%)
     
  • Russell 2000 Futures

    2,287.80
    +3.30 (+0.14%)
     
  • Crude Oil

    70.46
    -0.58 (-0.82%)
     
  • Gold

    1,786.10
    +11.30 (+0.64%)
     
  • Silver

    26.27
    +0.41 (+1.60%)
     
  • EUR/USD

    1.1925
    +0.0014 (+0.12%)
     
  • 10-Yr Bond

    1.5110
    -0.0580 (-3.70%)
     
  • Vix

    17.75
    -0.40 (-2.20%)
     
  • GBP/USD

    1.3923
    -0.0002 (-0.01%)
     
  • USD/JPY

    110.1990
    -0.0320 (-0.03%)
     
  • BTC-USD

    37,878.93
    -1,139.43 (-2.92%)
     
  • CMC Crypto 200

    940.15
    -29.72 (-3.06%)
     
  • FTSE 100

    7,153.43
    -31.52 (-0.44%)
     
  • Nikkei 225

    29,049.50
    +31.17 (+0.11%)
     

South Korea’s Central Bank Seeks Authority to Monitor Crypto Transactions: Report

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

South Korea’s central bank is seeking the authority to monitor cryptocurrency transactions made through users’ bank accounts.

  • The plan was revealed in a document recently submitted by the Bank of Korea (BOK) to Rep. Choo Kyung-ho of the country’s main opposition party, the Korea Herald reported Thursday.

  • The measure, if approved, would be the latest layer of regulatory scrutiny to be applied to the crypto industry in South Korea.

  • “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts,” the document reads, per the report.

  • The BOK is able to request materials from financial institutions where it is deemed necessary in the interest of the institution’s monetary and credit policies.

  • The measure may be brought in as early as September, a BOK official said.

  • September is also the deadline for cryptocurrency exchanges in the country to register as virtual asset service providers (VASP), a requirement that will enable the state to determine the legality of their operations in an attempt to crack down on money laundering and fraud.

See also: Digital Currency Group Invests in South Korean Crypto Exchange

Related Stories