Bank of Korea launches first crypto exposure survey covering 31 banks and brokerages
The Bank of Korea has begun its first broad review of how domestic financial institutions are exposed to the virtual asset market, sending questionnaires to 18 banks and 13 securities firms, for a total of 31 institutions. Responses are due this Wednesday. The survey asks for detailed information on staffing, budgets, business lines, reasons for entering the market, and the amount invested in crypto companies at home and abroad. It also includes scenario-based questions on what would happen if the country’s largest crypto exchange halted operations after a major hack, how institutions would be affected by a sharp price drop followed by weak trading activity, and how losses at another financial institution could spread through the system. The move comes as Korean financial groups continue stablecoin-related pilots and partnerships, while the Financial Services Commission tightens cybersecurity rules after finding deficiencies at 130 of 555 financial companies it inspected.
