On November 3, South Korean regulators opened an inquiry into major banks to assess their direct and indirect exposure to risks from the Binance hack and its potential effects on financial stability and the traditional financial system. On November 4, the ruling party proposed delaying the crypto income tax until the Digital Asset Basic Act establishes a comprehensive legal framework. The Financial Services Commission also ordered a broad crypto wallet lockdown after the breach and requested stronger transfer monitoring, more emergency response resources, and higher reserves from exchanges. Implementation details and new custody thresholds remain unspecified.
South Korea's ruling party has officially moved to delay cryptocurrency gains taxes until a comprehensive regulatory framework is established through the Digital Asset Basic Act.
Read the full storyThe survey covers 18 banks and 13 brokerages, with responses due by November 4, as the central bank reviews scenarios for crypto market shocks spreading to financial institutions.