Bank of Korea to launch virtual asset committee to monitor crypto

The Bank of Korea is launching a new virtual asset committee to monitor the cryptocurrency market as part of its efforts to regulate and adapt to the growing digital asset ecosystem.

This committee is being established within the Financial Payments Bureau and will focus on responding to discussions around stablecoins pegged to the Korean won and other virtual assets, collaborating closely with the government and legislative bodies during the ongoing regulatory process.

Alongside this, the central bank has renamed its digital currency research teams to better reflect a practical business orientation toward exploring digital currency initiatives, moving beyond theoretical research. The Digital Currency Research Team is now called the Digital Currency Team, emphasizing active development and real-world application of digital currency technologies.

These moves come amid broader developments in South Korea's approach to virtual assets, including regulatory guidelines finalized by the Financial Services Commission’s virtual asset committee on virtual asset sales by non-profit organizations and exchanges.

The committee also addresses issues such as investor protection, anti-money laundering measures, and proper internal controls for corporate participation in the virtual asset market.

This renewed regulatory focus coincides with growing local interest in cryptocurrencies, stablecoins, and digital assets, and is part of South Korea’s strategy to foster innovation while safeguarding consumers and the financial system.

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