Bank of Korea Surveys 31 Banks on Crypto Downturn Risk Exposure

The Bank of Korea has begun a risk survey of South Korean banks and brokerages that are involved—or considering involvement—in virtual-asset activities, testing how traditional financial institutions would cope with major crypto market shocks and exchange failures. According to reporting from Business and Yonhap , the central bank started contacting 18 banks and 13 brokerages on Oct. 23 as part of what is described as its first review of financial institutions’ participation in the virtual asset market. Responses are reportedly due Wednesday.