Freezing powers expanded: South Korea proposes allowing financial authorities to suspend payments from suspicious crypto accounts

Odaily Planet Daily News On July 28, 15 lawmakers including Kim Sang-hoon of the People Power Party proposed an amendment to the "Specific Financial Information Act," which would allow financial authorities to request the suspension of payments from virtual asset accounts suspected of being used for illegal asset transfers. The amendment defines "account" as the unique identification number provided by exchanges to users. When the Financial Intelligence Analysis Institute deems an account suspicious, it can request a 30-day payment suspension, which can be extended once. Those who fail to comply could face a fine of up to 100 million Korean won. The bill will take effect six months after its promulgation.