Frozen authority expanded, South Korea plans to allow financial authorities to suspend payments on suspicious crypto accounts

Odaily Planet Daily News: On July 28, 15 South Korean lawmakers, including Kim Sang-hoon from the People Power Party, proposed an amendment to the "Specific Financial Information Act," allowing financial authorities to require the suspension of payments from virtual asset accounts suspected of being used for illegal asset transfers. The amendment defines "account" as a unique identification number provided by exchanges to users. The Financial Intelligence Unit can require 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 maximum fine of 100 million Korean won. The bill will take effect six months after its promulgation.