South Korean lawmakers seek expanded FIU powers over unregistered crypto firms
Summary
South Korean lawmakers have proposed expanding the FIU’s powers to better handle unregistered crypto businesses. The bill would let anyone report suspected violations directly to the FIU and allow the agency to investigate, analyze, file complaints, request criminal probes, or share evidence with investigators. If passed, it would amend the Act on Reporting and Using Specified Financial Transaction Information. The move addresses limits in the current system, where the FIU can spot suspected unregistered operators but must rely on police and other agencies to act. Recent cases showed many referred investigations were suspended, often involving overseas-linked firms. Crypto providers serving South Korean users must register with the FIU.
