{"id":20107,"date":"2023-04-22T07:32:47","date_gmt":"2023-04-22T07:32:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/korean-central-bank-to-gain-right-to-probe-virtual-asset-entities-after-financial-regulator-drops-opposition-regulation-bitcoin-news\/"},"modified":"2023-04-22T07:32:47","modified_gmt":"2023-04-22T07:32:47","slug":"korean-central-bank-to-gain-right-to-probe-virtual-asset-entities-after-financial-regulator-drops-opposition-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/korean-central-bank-to-gain-right-to-probe-virtual-asset-entities-after-financial-regulator-drops-opposition-regulation-bitcoin-news\/","title":{"rendered":"Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The South Korean central bank is set to be granted the right to investigate virtual assets after the Financial Services Commission (FSC) dropped its opposition to the move. According to a report, the FSC dropped its opposition to the central bank\u2019s bid after it was accused of seeking to make itself the country\u2019s sole regulator of virtual assets. <\/strong><\/p>\n

The Battle to Control and Regulate Virtual Assets<\/h2>\n

The Bank of Korea (BOK) is set to be granted its wish to investigate virtual assets after the country\u2019s Financial Services Commission reportedly dropped its opposition to the central bank\u2019s desire to gain the \u201cright to request data submission.\u201d As per a local report, the FSC\u2019s decision came a few weeks after a subcommittee of the Korean Parliament\u2019s Political Affairs Committee accused the regulator of seeking to make itself the sole regulator of virtual assets.<\/span><\/p>\n

According to the report<\/a>, the FSC\u2019s decision to drop its demand came amid claims the Korean National Assembly will be proceeding with plans to include the BOK\u2019s right to request data in the Virtual Assets Act. <\/span><\/p>\n

Before finally acceding to the central bank\u2019s demand, the FSC had repeatedly clashed with the BOK over which of the two institutions should supervise payments and settlements. The central bank, on the other hand, has insisted on being granted the right to investigate digital assets because risks that emanate from virtual asset markets ultimately threaten financial stability.<\/span><\/p>\n

FSC\u2019s Monopolistic Ambitions<\/h2>\n

However, the April 20 report said accusations about the FSC\u2019s desire to be the sole authority on virtual assets, and its willingness to disregard both the ruling and opposition parties in its pursuit, may have forced the regulator to concede. The same point about the FSC\u2019s intention was similarly raised by Korean lawmaker Kim Han-gyu on March 28.<\/span><\/p>\n

\u201cThe Financial Services Commission acknowledges that it is necessary for the Bank of Korea to have the right to request data, but refuses to include it in the bill,\u201d Kim said at the time. <\/span><\/p>\n

Still, despite seemingly surrendering in its long-running fight with the central bank, the FSC will still likely gain the right to investigate virtual assets, the report revealed. It said many of the proposed bills on virtual assets seek to give the FSC the authority to investigate \u201cunfair transactions.\u201d<\/span><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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