Freezing Powers Expanded: South Korea Plans to Allow Financial Authorities to Suspend Payments of Suspicious Crypto Accounts

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