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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.