• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Report: Bank Of Korea Authorized To Conduct Inspections On Crypto Firms

Report: Bank Of Korea Authorized To Conduct Inspections On Crypto Firms

Eli Dambel
by Eli Dambel
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bank of Korea (BoK) can now investigate local crypto exchanges. According to a report, the bank has the authority to conduct on-site inspections and even request financial records from exchanges operating within the country.

The main objective of the Bank of Korea is to ensure the stability of prices throughout the nation. This responsibility, in turn, allows the bank to control and improve the economy.

South Korean Bank To Oversee Transaction Data Of Crypto Local Exchanges

The new rights will allow the central bank to monitor the activities of cryptocurrency exchanges more closely and take action if necessary. This includes the power to issue fines and even revoke licenses if exchanges violate digital asset regulations.

The move comes amid growing concerns over the potential risks posed by cryptocurrencies to financial stability and the economy. The Bank of Korea is aware of these risks, such as money laundering and tax evasion, and is willing to take further steps to curb such occurrences.

Related Reading: Ripple Vs. SEC Court Update: Will The Ruling Come Next Week?

However, taking such steps requires that the bank possesses such authority, which it received last week from an official of the National Assembly’s Political Affairs committee. The report also noted that the Federal Service Commission (FSC) would officially pronounce the bank’s position in a subcommittee meeting on April 25. The prospective meeting may also speed up the rollout of the country’s digital asset laws.

Furthermore, a Democratic Party lawmaker, Kim Han-gyu, said that the FSC supports the new position of the central bank to request and oversee transaction data of digital asset exchanges. However, the FSC also mentioned that it would not include this event in the bill.

Crypto Regulations In South Korea

While the legal situation in South Korea might be complex, it addresses the safety and security of the industry, including crypto investors and users. The crypto regulatory framework in the country significantly depends on the government’s stance on the industry.

As such, digital asset service providers should know the government’s requirements and ensure that their operations comply before venturing into crypto matters in the region.

Report: Bank Of Korea Authorized To Conduct Inspections On Crypto Firms
Total crypto market declines by 0.46% l Source: Tradingview.com

South Korea regulates digital assets usage under the Electronic Financial Transactions Act. To comply with the requirements of the Act, all virtual asset service providers must register with the FSC. They must comply with the AML procedures, cyber security measures, real-name verifications of customers, etc. 

Related Reading: ‘Business Of Ripple Is Selling More XRP Than It Buys’: Forbes Report

As for paying taxes, the 20% tax on crypto gains is postponed to 2025. This makes it the second postponement after 2022 when it was slated to take effect. The officials pushed it from 2022 to 2023 and later chose 2025 to implement it due to the market downtrend.

This latest development implies that the FSC and Bank of Korea will now investigate cryptocurrency operations in the country. It also implies that they will have access to the transaction data of local crypto exchanges.

Featured image from Pixabay and chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eli Dambel

Eli Dambel

Follow

Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel

Full Profile

Related Posts

starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

1 hour ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

48 minutes ago
Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 2)

Bitcoin Hyper ($HYPER) Live News Today: Latest Insights for Bitcoin Maxis (September 2)

47 minutes ago
Bitcoin Hyper Presale Nears $13.6M Raised as Whales Buy $30K Worth of $HYPER.

Bitcoin Hyper Presale Nears $13.6M Raised as Whales Buy $30K Worth of $HYPER

3 hours ago
Data Shows Bitcoin Could Dip Lower in September, But Bitcoin Hyper Remains a Solid Investment

Data Shows Bitcoin Could Dip Lower in September, But Bitcoin Hyper Remains a Solid Investment

3 hours ago
Crypto news

Crypto Influencers’ Insane Hidden Payouts Exposed By ZachXBT

4 hours ago

Premium Sponsors

Press Releases

  • Bitcoin Hyper

    Предпродажбата на Bitcoin Hyper...

    3 hours ago
  • The Ethereum DeFi’s Return Sets the Normal for Cloud...

    12 hours ago
  • Earn $8,888 per day – OurCryptoMiner helps you turn...

    12 hours ago
  • OPTO Miner

    XRP’s post-holiday rebound is weak, and OPTO Miner...

    16 hours ago
  • XRP retreats under pressure, while DOT Miners generates...

    21 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.