Central Bank of Korea Plans to Monitor Crypto Traders

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The Bank of Korea, the country’s central bank, wants to have a stricter control on cryptocurrency trading in the country.

According to local newspaper The Korea Herald, the institution has resorted to article 87 of the country’s central bank Act, and has stated:

“We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.”

It looks like the central bank has asked lawmakers to allow it to increase its control over cryptocurrency activity in the country, which according to the institution, is causing significant risks to internal monetary control policies.

We should remember that the South Korean regulators had recently asked to investigate those banks that have accounts belonging to users of cryptocurrency trading platforms.

All cryptocurrency exchanges in the country must adhere to a policy that obliges them to make sure users use a real name in the crypto trading accounts. However, to date only Bithumb, Korbit, Upbit and Coinone are complying with this request.