South Korea Moves to Let Regulators Freeze Suspicious Crypto Exchange Accounts
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South Korea lawmakers proposed amending the Specific Financial Information Act to let the FIU order 30-day (extendable) suspensions of payments from virtual asset accounts deemed suspicious, with fines up to KRW 100 million for noncompliance. The measure raises regulatory and operational constraints for exchanges and users, increasing perceived enforcement risk and potentially dampening near-term risk appetite across crypto markets.
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South Korean lawmakers have introduced a bill that would give financial authorities the power to halt payments from virtual-asset accounts suspected of being used for illegal transfers.
According to Odaily Planet Daily, the amendment to the Specific Financial Information Act was proposed on July 28 by 15 legislators, including Kim Sanghoon of the ruling People Power Party. Under the proposal, an "account" is defined as the unique identification number an exchange assigns to each user.
If the Financial Intelligence Unit deems an account suspicious, it could order a payment suspension for up to 30 days, with the option to extend the measure once. Exchanges that fail to comply could face fines of up to 100 million won.
The legislation would take effect six months after it is published.
