Bank of Korea wants to monitor crypto trading activity, cites monetary risks

South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an....

South Korea’s banking body wants crypto exchanges to be wary of the risks of being overexposed to altcoins. The Korea Federation of Banks has raised alarm over the increase in altcoin trading volumes across crypto exchanges in the country.According to a report by The Korea Herald on Monday, the banking association has asked member banks to conduct an audit on the altcoins being offered by their crypto exchange clients.The KFB is reportedly concerned about the potential risks of banks providing account services to exchanges overexposed to altcoins. An official of the banking association....

South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency....

South Korea is known to host significant crypto trading activity. South Koreans were among the major players during the 2017 crypto boom. The country accounts for less than 1% of the world’s population. But they were behind 30% of the crypto trading volume that year. This was according to estimates by fintech company Cindicator at […]

Bank of Russia has recommended commercial banks pay heightened attention to their clients’ transactions related to cryptocurrencies. The regulator requires the financial institutions to monitor such activity against the backdrop of restrictions on currency operations amid western sanctions. Monetary Authority Urges Banks to Control Spending Linked to Crypto Assets The Central Bank of Russia (CBR) has notified banks of the need to track certain transactions including those involving cryptocurrency. The financial regulator has sent out a letter calling on the institutions....