Bank of Korea Granted Investigative Powers over Digital Asset Platforms

The country’s National Assembly is one step closer to granting the Bank of Korea (BOK) powers to investigate digital asset platforms. This move comes after recent scandals in the cryptocurrency industry prompted the government to establish a clearer and more comprehensive regulatory framework. The Financial Services Commission (FSC) was initially hesitant to allow the BOK more oversight, fearing it would give the impression that cryptocurrencies were the same as traditional financial markets. However, after lengthy discussions, the FSC has agreed to let the BOK request documentation from virtual asset providers, including stablecoins. The National Assembly will now consider this agreement as it continues to develop the framework for cryptocurrency service providers. Let’s hope this leads to a safer and more transparent crypto industry in South Korea!

Clever Robot News Desk 29^th April 2023