727 FinancePANews November 2 news, according to Yonhap News Agency, the Bank of Korea (central bank) has begun monitoring the market and has asked banks and securities firms to provide progress on their virtual asset-related businesses as well as assessments of related risks.
On the 23rd of last month, the Bank of Korea sent related requests to 18 banks (including the five major banks KB, Shinhan, Hana, Woori, and NH NongHyup) and 13 securities firms, asking them to participate in a "survey on the current status of financial institutions' entry into the virtual asset market." The survey covered each institution's organizational structure and budget for virtual assets, the current status of market access, business-related risk assessments, and risk management measures. The survey also addressed the potential impact on financial institutions if a major incident occurred at the virtual asset exchange with the largest domestic market share in South Korea (such as a large-scale hack attack leading to a temporary suspension of operations). In addition, the survey focused on other risk scenarios, such as a sharp decline in the prices of virtual assets such as Bitcoin, a continued contraction in trading volume, or other financial institutions suffering major losses due to virtual asset-related incidents.