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Bank Of Korea In Conflict With Financial Services Commission

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The Central Bank and Bank of Korea (BOK) aren’t pleased with the FSC (Financial Services Commission).

The FSC are the regulators of the country and they have control over the crypto industry.

South Korea is getting regulations ready for digital assets.

This involves crypto trading which will possibly put in motion, the country structure for supervision.

It may also development of the oftentimes volatile sector.

However, behind the scene, a turf war is raging on.

There is a power tussle among the financial authorities.

The Bank argues that cryptocurrency can affect the stability of the entire financial market.

This possibility involves the Central Bank.

More Details

Financial Services Commission (FSC) is the authority that is in charge of the local crypto market and industry.

However, the Central Bank began to ask for the power to gain access to the crypto platform’s data last month.

They may have strong reasons for making such a move.

For instance, data from Statista shows that last March, South Korea experienced waves of successive “cryptocurrency Fever”.

In addition, about 10% of the 52 million citizens of the country invested in crypto when Bitcoin went high in 2021.

READ ALSO: SEC Charges Website Operators Of Multiple Website For Offering Fraudulent Crypto Assets

As per an official transcript of the meeting, this conflict emerged again on the 25th of April.

The FSC, bank representatives, and lawmakers met at the National Assembly to deliberate on the crypto regulation bill.

The FSC Chairman, Kim So-Young, said that they shouldn’t include crypto with the Central Bank rights to access to data.

He argues that digital assets aren’t widely used yet as a form of payment.

However, the Deputy Governor of the Bank of Korea (BOK), Lee Jong Ryeol, in the meeting disagreed.

He said that “due to the impact of the crypto market on the country’s financial system, it is crucial to ask crypto operators to submit documents. With the data, it will be possible to pinpoint the impact of crypto on the conduct of credit and monetary policy, financial stability, settlement, and payment system”.

Financial Service Commission’s Response

After much deliberation, the Financial Service Commission agreed to the demands of the Central bank to have access to crypto companies’ data.

READ ALSO: Crypto Market: Binance.US plots Changpeng Zhao Detronement

The agreement was documented for the upcoming legislation.

The law states that it wants to advance the process of developing a legal structure for cryptocurrencies.

However, this turf war hasn’t ended. According to cryptocurrency industry officials, it may come up again.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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