South Korean Lawmakers Propose Crypto Account Payment Freeze Rules

Fifteen lawmakers from South Korea's People Power Party, including Kim Sang-hoon, proposed an amendment to the Act on Reporting and Using Specified Financial Transaction Information on July 28 that would allow financial authorities to request payment suspensions for virtual asset accounts suspected of being used for illicit asset transfers. According to ChainCatcher, the bill defines an account as the unique identification number provided by an exchange to a user and would allow the Korea Financial Intelligence Unit to order a 30-day payment suspension if an account is deemed suspicious, with one possible extension.The amendment would impose fines of up to 100 million won on entities that fail to comply. It would take effect six months after publication.