South Korean lawmakers from the ruling People Power Party have proposed an amendment to the Act on Reporting and Use of Certain Financial Transaction Information that would let financial authorities order payment suspensions on virtual asset accounts suspected of being used for illegal asset transfers. According to Digital Asset, the bill was submitted on July 28 by lawmaker Kim Sang-hoon and 15 others. The proposal defines an account as a unique identification number provided by an exchange to a user. Under the amendment, the Korea Financial Intelligence Unit could request a 30-day payment suspension when it determines an account is suspicious, with one possible extension. Entities that fail to comply could face fines of up to 100 million won. The bill would take effect six months after promulgation.
Lawmakers from South Korea’s ruling People Power Party have proposed an amendment to the Act on Reporting and Use of Certain Financial Transaction Information that would allow financial authorities to order payment suspensions on virtual asset accounts suspected of being used for illegal asset transfers.
According to Digital Asset, the bill was submitted on July 28 by People Power Party lawmaker Kim Sang-hoon and 15 others. The amendment defines an “account” as a unique identification number provided by an exchange to a user.
Under the proposal, the Korea Financial Intelligence Unit would be able to request a 30-day payment suspension if it determines that an account is suspicious. That suspension could be extended once. Failure to comply could result in a fine of up to 100 million won.
The bill would take effect six months after promulgation.
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