The Bank of Korea and the Financial Services Commission have been grappling for control of crypto regulations in the country.
The central bank of South Korea has been given the green light to ramp up its scrutiny of cryptocurrency service operators and issuers amid further discussions on virtual asset legislation in the country.the Bank of Korea will be given the right to investigate operators of cryptocurrency-related businesses.
The Bank of Korea expressed concerns over financial stability risks from stablecoins and will now be able to request transaction data from crypto exchanges. The meeting will accelerate the rollout of South Korea’s virtual asset laws, according to the report. The South Korean government has been trying to push forward crypto legislation but there have been arguments between the central bank and the FSC over who should control it.
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