South Korea’s central bank, the Bank of Korea, has launched its first systematic survey of financial institutions to evaluate exposure to crypto‑related risks. The questionnaire was distributed on October 23 to a total of 31 firms, comprising 18 domestic banks and 13 securities companies.
Scope of the questionnaire
The survey asks respondents to detail their organizational structures, budget allocations, the presence of dedicated virtual‑asset teams, and overall risk‑management practices. It also requires firms to outline response strategies for three specific shock scenarios:
- A major hack or shutdown at a leading virtual‑asset exchange.
- A prolonged downturn in the cryptocurrency market, exemplified by a steep decline in Bitcoin’s price.
- Significant losses at another financial institution, highlighting potential contagion effects.
Institutions involved
Among the 31 recipients are the country’s top five banks – KB Kookmin, Shinhan, Hana, Woori and NH NongHyup – as well as a range of securities firms. Respondents have until November 4 to submit their answers.
Context and implications
The survey follows the Bank of Korea’s June 2026 Financial Stability Report, which noted increasing links between digital‑asset markets and traditional finance. By including both banks and securities firms, the central bank appears to be assessing systemic exposure across the broader financial sector.
While the questionnaire itself does not impose new regulatory requirements, the responses may inform future stability reporting or guidance. The next key date is the November 4 deadline, after which the Bank of Korea may disclose findings or use the data to shape policy.
