Bank of Korea surveys 31 firms on crypto shock scenarios

South Korea’s central bank has asked 31 financial institutions how they would withstand a severe crypto market shock, in what Crypto Briefing reported as the Bank of Korea’s first survey of banks and brokerages focused on virtual asset risks. The questionnaire went out on October 23, according to The Herald Business and Yonhap, both citing financial industry sources, and answers are due on November 4.

The recipient list covers 18 domestic banks and 13 securities firms. It includes KB Kookmin, Shinhan, Hana, Woori and NH NongHyup, the country’s five largest banks, according to Crypto Briefing. Cointelegraph reported the same split of banks and brokerages and said the survey also asks about staffing, budgets, business activities and the reasons firms entered the crypto market, along with amounts invested in domestic and overseas crypto companies.

Key facts

• The Bank of Korea sent the survey to 31 institutions — 18 banks and 13 securities firms — on October 23, 2026.
• Responses are due November 4; Cointelegraph describes the deadline as Wednesday.
• Scenarios include a hack or shutdown at a large exchange, a steep fall in crypto prices followed by a sustained trading slump, and heavy losses at another financial institution.
• The survey began before last week’s $6.3 billion Binance hack, which US authorities attributed to North Korean hackers, Cointelegraph reported.
• The exercise follows the Bank of Korea’s June 2026 Financial Stability Report, which flagged growing links between digital asset markets and traditional finance.

What the questionnaire asks

Beyond the shock scenarios, the survey probes how each firm is organised for crypto risk: whether it runs a dedicated virtual asset team, how budgets are allocated and what risk management practices are in place. Crypto Briefing notes that the third scenario — the effect of heavy losses at a different institution — points at contagion, the risk that one firm’s problem spreads across the system.

Cointelegraph adds a specific framing for the exchange scenario: firms were asked how they would be affected if South Korea’s largest crypto exchange by market share temporarily suspended operations after a major hack or similar incident.

The scope of the list, covering both banks and brokerages, suggests the central bank is examining the financial system as a whole rather than a single type of institution, according to Crypto Briefing.

Stablecoin work continues alongside the review

The survey lands as South Korean financial firms keep testing stablecoin services even though legislation has moved slowly. Cointelegraph reported that KB Financial Group completed a won-denominated stablecoin pilot in May, and that Kakao Pay and KakaoBank partnered with Fireblocks in September to explore digital asset infrastructure. The Bank of Korea has pushed for bank-led stablecoin issuance, while disagreement over which institutions should be allowed to issue stablecoins has held up the proposed Digital Asset Basic Act.

Cointelegraph quoted a Bank of Korea official telling The Korea Herald that financial institutions are making their own preparations even as virtual asset legislation moves more slowly than the market expected.

Regulators have also tightened cybersecurity scrutiny. Cointelegraph reported that in October the Financial Services Commission proposed tougher security requirements after finding deficiencies at 130 of 555 financial companies, including more frequent vulnerability assessments and greater executive accountability, following security incidents at 16 companies, among them crypto exchanges.

Why it matters

For the 31 firms, the immediate task is compliance work: risk and compliance teams must assemble details on budgets, staffing and contingency plans by the deadline. A survey is not a rulebook, and neither outlet reported that new requirements have been set. What the central bank does with the answers will shape whether crypto exposure becomes a formal input into South Korea’s financial stability reporting, at a time when bank-linked crypto activity is expanding faster than the rules governing it.

What to watch

The first checkpoint is November 4, when responses are due. After that, attention turns to whether the Bank of Korea publishes any findings and whether they feed into future financial stability reports or regulatory guidance.

Disclaimer: This article is for information only and is not investment, financial or trading advice. Cryptocurrency prices are highly volatile. Always do your own research.

Sources: Crypto Briefing, Cointelegraph