South Korea
Digital Asset
Bill Would Grant FIU Power to Suspend Trading for Crime-Suspected Virtual Asset Addresses
- Rep. Park Min-kyu (Democratic Party of Korea) and 10 other lawmakers introduced the amendment to the Special Financial Transactions Information Act on the 30th.
- The bill defines serious crimes harming public welfare to include illegal private lending, drug offenses, gambling, telecom-based new-type phishing, and terrorist financing.
- Investigative agencies could request a 7-day temporary freeze on deposits/withdrawals for suspected accounts or virtual asset addresses, with the FIU Commissioner able to approve further action if deemed necessary.