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

The Bank of Korea hopes to start as early as September, an official said.

May 13, 2021 at 8:50 a.m. UTC
Updated Sep 14, 2021 at 12:54 p.m. UTC

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.

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