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

The Bank of Korea has begun monitoring financial institutions’ entry into the virtual asset market and requested updates on business progress and risk assessments. According to Odaily, on the 23rd of last month, the central bank sent survey requests to 18 banks, including KB, Shinhan, Hana, Woori and NH Nonghyup, and 13 securities firms. The survey covers organizational structures and budgets for virtual asset businesses, market access, risk assessments and risk-management measures. It also asks about potential effects on financial institutions if a major incident, such as a large-scale hack that temporarily disrupts operations, occurs at South Korea’s largest virtual asset exchange.