Bank of Korea Investigates Financial Institutions' Virtual Asset Market Situation

The Bank of Korea has begun monitoring the virtual asset market, requiring banks and securities companies to provide updates on their virtual asset-related businesses and risk assessments. On the 23rd of last month, the Bank of Korea sent requests to 18 banks and 13 securities companies to participate in a "Survey on the Current Status of Financial Institutions Entering the Virtual Asset Market." The survey includes the organizational structure and budget of each institution regarding virtual assets, the current state of market access, business-related risk assessments, and risk management measures. The survey also focuses on the potential impact on financial institutions if a major event occurs at the largest virtual asset exchange in South Korea (such as a large-scale hacking attack leading to operational disruption), as well as risk scenarios involving significant declines in the prices of virtual assets like Bitcoin, shrinking trading volumes, or other financial institutions suffering substantial losses due to virtual asset incidents.

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