Bank of Korea Surveys Banks and Securities Firms on Virtual Asset Business Progress and Risks

Odaily: The Bank of Korea (central bank) has begun monitoring financial institutions' entry into the virtual asset market and has requested banks and securities firms to provide relevant business progress and risk assessments. On the 23rd of last month, the Bank of Korea sent survey requests to 18 banks (including the five major banks KB, Shinhan, Hana, Woori, and NH NongHyup) and 13 securities firms. The survey covered virtual asset business organizational structure and budgets, current market access status, business risk assessments, and risk management measures. The survey also addressed the potential impact on financial institutions in the event of a major incident at South Korea's largest virtual asset exchange by market share (such as a large-scale hack causing temporary suspension of operations). (Yonhap)