Frozen authority expands, South Korea proposes allowing financial authorities to suspend payments from suspicious crypto accounts

According to Odaily, 15 lawmakers including Kim Sang-hoon of the People Power Party proposed an amendment to the Specific Financial Information Act on July 28, allowing financial authorities to request 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. When the Financial Intelligence Unit deems an account suspicious, it can request a 30-day payment suspension, which can be extended once. Those who fail to comply may face a maximum fine of 100 million won. The bill will take effect six months after its promulgation.