Bank of Korea probes financial firms’ exposure to crypto risks
Summary
The Bank of Korea has begun surveying 18 banks and 13 brokerages about their exposure to crypto-related risks, including exchange hacks, sharp market declines and losses at other financial institutions. Questions cover staffing, budgets, crypto business activities and investments in domestic and overseas firms. Responses are due Wednesday. The review comes as South Korean financial companies explore stablecoin services and debate over the proposed Digital Asset Basic Act slows progress. Regulators have also proposed tougher cybersecurity requirements after identifying security deficiencies across financial companies.
