Bank of Korea quizzes 31 financial firms on crypto shock scenarios

South Korea’s central bank wants to know what happens to the country’s banks if crypto has a very bad week.

The Bank of Korea has reportedly launched its first survey of banks and brokerages focused on crypto-related risks. It sent questions to 31 financial institutions about how they would hold up under a handful of unpleasant scenarios.

Those scenarios include a major hack or shutdown at a big exchange, a prolonged downturn in the crypto market, and heavy losses at another financial institution.

Who got the questionnaire, and what it asks

The survey went out on October 23, according to The Herald Business and Yonhap, both of which cited financial industry sources. It reportedly marks the central bank’s first systematic review of how financial institutions participate in the virtual asset market.

The recipient list covers 31 firms in total. That breaks down into 18 domestic banks and 13 securities firms.

The biggest names are all on it. KB Kookmin, Shinhan, Hana, Woori and NH NongHyup, the country’s top five banks, are among the institutions surveyed.

Firms have until November 4 to respond.

The questionnaire reportedly digs into several areas. These include organizational structure, budget allocations, whether a firm runs a dedicated virtual asset team, and its risk management practices.

It also asks how institutions would respond to specific market shocks. Examples include a significant hack at a top virtual asset exchange and a steep drop in the price of Bitcoin.

The third scenario may be the most revealing one. Asking how a firm would be affected by heavy losses at a different institution points directly at contagion, the risk that one company’s problem becomes everyone’s problem.

Why the Bank of Korea is asking now

The survey did not appear out of nowhere. It follows the Bank of Korea’s June 2026 Financial Stability Report, which flagged growing links between digital asset markets and traditional financial markets.

The scope of the list also says something. Including both banks and securities firms suggests the central bank is looking across the financial system rather than at one type of institution.

What this means for banks, brokerages and crypto markets

For the 31 firms involved, the immediate impact is homework. Compliance and risk teams will need to pull together details on budgets, staffing and contingency plans.

The bigger question is what the Bank of Korea does with the answers. A survey is not a rulebook, and nothing in the reporting indicates new requirements have been set.

The first date to watch is November 4, when responses are due. After that, attention turns to whether the Bank of Korea shares any findings publicly and whether they shape future financial stability reporting or regulatory guidance.