Key facts
- A bill has been introduced in South Korea to expand the Financial Intelligence Unit's (FIU) powers over unregistered crypto businesses.
- The proposed legislation would allow the FIU to investigate suspected violations and refer cases to law enforcement.
- Currently, the FIU identifies unregistered operators but relies on other authorities for investigations.
- Police have previously suspended investigations into a significant number of unregistered virtual asset service providers referred by the FIU.
A group of South Korean lawmakers has proposed a bill to enhance the investigative powers of the Financial Intelligence Unit (FIU) concerning unregistered cryptocurrency businesses. The proposed amendment to the Act on Reporting and Using Specified Financial Transaction Information would empower the FIU to directly investigate suspected violations, file complaints with relevant authorities, and request criminal investigations.