South Korea Lawmakers Propose Bill to Strengthen Crypto Regulation

Ten South Korean lawmakers have proposed a bill that would allow the Financial Intelligence Unit (FIU) to pursue unregistered crypto operators and refer them to prosecutors.

The proposal, which amends the Act on Reporting and Using Specified Financial Transaction Information, was introduced by Rep. Eom Tae-young of the People Power Party and nine others.

The FIU currently flags suspected unregistered operators but has to rely on police and other agencies to pursue them, a process that makes it difficult for a fast response.

The bill's statement of reasons warns that unregistered venues can be used for money laundering, illegal currency exchange, and illegal overseas remittance.