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The Bank of Korea has begun a market review by asking banks and securities firms about their cryptocurrency business plans and risk assessments, Yonhap News Agency reported.
The survey includes questions on each institution’s crypto-related organization and budget, market-entry status, business risk assessments, and risk-response measures. It also asked how much impact financial firms could face if South Korea’s largest cryptocurrency exchange by market share temporarily suspends operations after an incident such as a major hack, according to the report. Yonhap said the central bank appears to be seeking an internal reference document on financial firms’ entry into the crypto market as efforts advance to bring virtual assets into the regulatory fold.