# Bank of Korea Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Bank of Korea", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

South Korea Urges Crypto Circuit Breakers After $42B Bithumb Mishap

South Korea's central bank has recommended implementing cryptocurrency exchange "circuit breakers" following a major incident on Bithumb. In February, the exchange erroneously distributed 620,000 Bitcoin (worth approximately $42 billion) to customers instead of the intended 620,000 Korean won (about $400). This triggered panic selling, causing Bitcoin's price on the platform to plummet. Although Bithumb quickly halted trading and reversed the transactions, nearly $125 million in Bitcoin had already been sold. The Bank of Korea's report emphasizes that the crypto sector lacks the stringent internal controls of traditional finance and calls for mandatory systems to detect and prevent such human errors and discrepancies in asset records. This proposal is part of broader legislative moves in South Korea to enhance the security and transparency of virtual asset exchanges.

TheNewsCrypto04/13 21:40

South Korea Urges Crypto Circuit Breakers After $42B Bithumb Mishap

TheNewsCrypto04/13 21:40

South Korea’s Stablecoin Bill Deadline Pushed To 2026 As Issuance Dispute Continues – Report

South Korea's long-awaited crypto legislation, the Virtual Asset User Protection Act, has been delayed until 2026 due to unresolved disputes between the Financial Services Commission (FSC) and the Bank of Korea (BOK) over stablecoin issuance policies. The key disagreement centers on the role of banks in issuing won-pegged stablecoins, with the BOK advocating for a bank consortium to hold a majority stake in issuers, while the FSC warns this could stifle innovation. The bill is expected to include investor protections such as mandatory 100% reserve backing for stablecoins, strict liability for operators in cases of hacks, and enhanced disclosure requirements. Despite progress on other aspects, the finalization of the bill is now pushed to 2026 as regulators work to resolve their differences.

bitcoinist12/31 09:37

South Korea’s Stablecoin Bill Deadline Pushed To 2026 As Issuance Dispute Continues – Report

bitcoinist12/31 09:37

South Korea Crypto Bill Stalls Amid Stablecoin Rule Disputes

South Korea's Digital Asset Basic Act, a key piece of cryptocurrency legislation, has been delayed into next year due to a policy deadlock among regulators. The primary disagreement centers on stablecoin regulations, specifically over which entities should be permitted to issue them. The Bank of Korea advocates for banks to be the primary, if not exclusive, issuers to protect monetary stability. In contrast, the Financial Services Commission (FSC) opposes rigid rules that could exclude non-bank fintech companies, arguing it would stifle competition and innovation. Further tensions exist over the oversight structure for these assets. Despite this regulatory slowdown, the country shows signs of a broader crypto thaw, including lifted investment restrictions for venture capital firms and Binance's re-entry into the market.

TheNewsCrypto12/30 13:24

South Korea Crypto Bill Stalls Amid Stablecoin Rule Disputes

TheNewsCrypto12/30 13:24

Fintech Stablecoins Just Got a Boost in South Korea as Lawmakers Oppose 51% Rule

South Korea is preparing to regulate stablecoins by 2026, with a key debate between the Bank of Korea (BoK) and the Financial Services Commission (FSC). The BoK supports a "51% rule" that would limit the issuance of KRW-backed stablecoins to entities majority-owned by banks, arguing that non-bank issuance could cause chaos. In contrast, the FSC favors a more open approach, allowing fintech companies to participate to encourage innovation. Recently, the Democratic Party of Korea’s Digital Asset Task Force expressed opposition to the BoK’s proposal, siding with the FSC. They argue that restricting stablecoin issuance to banks could hinder innovation and reduce competitiveness with global standards.

ccn.com12/23 12:23

Fintech Stablecoins Just Got a Boost in South Korea as Lawmakers Oppose 51% Rule