The Financial Services Commission has repeatedly clashed with the central bank over which of the two institutions should supervise payments and settlements. regulation virtualassets
Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition
The South Korean central bank is set to be granted the right to investigate virtual assets after the Financial Services Commission dropped its opposition to the move. According to a report, the FSC dropped its opposition to the central bank’s bid after it was accused of seeking to make itself the country’s sole regulator of virtual assets.
Before finally acceding to the central bank’s 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.
“The 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,” Kim said at the time. 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 “unfair transactions.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BoJ Financial System Report: Japan's financial system has been maintaining stability on the wholeIn its semi-annual financial system report released on Friday, the Bank of Japan (BoJ) said that “Japan's financial system has been maintaining stabil
Read more »
North Texas Financial Analyst Breaks Down Lesson in Financial Empowerment for Every AgeIt’s never too early to talk about money with your children, according to Dewitt & Dunn Financial Services CEO Cathy Dewitt Dunn.
Read more »
Cross-border remote working could boost London financial centre, says reportBritain must make it easier for staff based overseas to work remotely in London as the UK capital falls further behind New York on the global financial services ranking list, sector lobby group TheCityUK said in a report on Thursday.
Read more »
Report: GOP leader, who voted to expel 'Tennessee Three,' resigns following report of workplace harassment | CNNTennessee House Representative Scotty Campbell resigned from his seat Thursday following a report that he violated the General Assembly policy on workplace discrimination and harassment, according to a subcommittee's memorandum and a copy of the Republican's resignation letter obtained by CNN affiliate WTVF.
Read more »
Janet Yellen wants stricter rules for nonbanks after Silicon Valley failureThe Financial Stability Oversight Council is voting on a new framework for handling financial stability risks, and new guidance for designating non-bank financial firms for regulatory oversight.
Read more »
Paramount+, TVing Launch Korean Series ‘A Bloody Lucky Day’, ‘Queen Woo’Paramount+ is expanding its global Korean originals slate with two new series, A Bloody Lucky Day and Queen Woo, which the streamer will launch exclusively on its global platform. In South Korea, t…
Read more »