Markets
What to know:
- From the frost of central numbers, the Bank of Korea proposes to drape domestic crypto arenas with stock-market-style circuit breakers, folding these rules into the Digital Asset Basic Act like a well-worn winter scarf.
- The spark for this suggestion lies in February’s Bithumb episode, when an innocent promo entry of “BTC” rather than “KRW” laid out about 60 trillion won of phantom bitcoin, and the price on that single exchange sank 17 percent even as the world kept trading elsewhere.
- Regulators and market players debate whether halting circuits can still braid a globally traded creature that refuses to sleep, as BTC continues its dance on other venues when one stage goes quiet.
The Bank of Korea is pushing to install stock-market-style circuit breakers on the country’s cryptocurrency exchanges, a proposal that would bring crypto under the same trade-halting rules used by the Korea Exchange.
The recommendation appears in the central bank’s annual Payment and Settlement Systems Report, published April 13, and calls for automatic halts when crypto prices swing sharply or abnormal orders hit the book. The central bank said the rules should be folded into the pending Digital Asset Basic Act.
The catalyst came from the February Bithumb incident where an employee, running a promotion, typed “BTC” instead of “KRW,” scattering roughly 60 trillion won ($43 billion) in phantom bitcoin before supervisors caught the error 20 minutes later. Panic selling crashed BTC on Bithumb by 17%, while the token kept trading at market prices on other venues.
Upbit, Bithumb and Korea’s other licensed exchanges already wield high-speed matching engines with price collars and fat-finger checks. CME Group runs a similar system on bitcoin futures, halting trading for two minutes when prices move 10% inside a 60-minute window.
The harder question is whether halts would work given BTC’s global wanderings. If Upbit paused for 20 minutes, bitcoin would continue to trail its course on Binance, Coinbase, and dozens of others- and Upbit’s price would snap to whatever the world whispered when the pause broke.
Circuit breakers are familiar to the old world of finance-signs that the crowd is being coaxed to breathe. But crypto has no single hall to lock, and the issues regulators seek to cure do not map neatly to price swings.
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2026-04-13 15:02