The Bank of Korea Will Access Information About Crypto Exchange Users
The Central Bank of South Korea will have access to all the information it needs regarding users of cryptocurrency exchanges.
All trading platforms registered in the country will be required to provide such data, according to The Korea Herald.
Companies issuing tokens will also be subject to the Bank’s control. Nevertheless, the Financial Services Commission (FSC) will still be responsible for regulatory functions.
The Central Bank is particularly focused on controlling the flow of funds through stablecoins, as it has expressed concern that increased investment in such digital currencies could endanger the stability of the banking sector.
The authorities believe that the rearrangement of powers between the Central Bank and the FSC will hasten the implementation of a regulatory framework for the cryptosphere.
