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Bank of Korea Governor Addresses Regulatory Concerns Over Offshore Won Settlement System Ahead of September Trial

2026-07-16 05:58:21

According to Bank of Korea Governor Shin Hyun-song, on July 16, the central bank will ensure there are no supervisory gaps in the offshore won settlement system, which is set to begin trial operations in September. Shin made the comments during a press briefing following the Monetary Policy Committee meeting, responding to concerns that the new system could weaken anti-money laundering (AML) and real-name verification oversight compared to the existing Investor Registration Certificate (IRC) system. The offshore won settlement system allows foreigners to hold and settle won through accounts held with offshore won settlement institutions without opening domestic bank accounts, with final settlements processed through the Bank of Korea's offshore won settlement network.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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