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A bill has been introduced in South Korea to give the Financial Intelligence Unit under the Financial Services Commission the authority to request preemptive transaction suspensions for cryptocurrency addresses suspected of being used in serious crimes affecting the public, Digital Asset reported.
According to the report, 11 lawmakers including Democratic Party lawmaker Park Min-kyu proposed the amendment to the Act on Reporting and Use of Specific Financial Transaction Information on Sept. 30. The bill defines serious public-harm crimes as including illegal private lending, drugs, gambling, new phishing schemes using telecommunications, and terrorism financing. It would allow investigative agencies to ask financial institutions and other entities to temporarily suspend deposits and withdrawals for seven days on accounts or addresses believed to have been used in such crimes, with the FIU chief able to extend the period up to 60 days if deemed necessary. The measure would also allow the FIU chief to request financial institutions and other entities to suspend transactions for up to 180 days on accounts and addresses tied to those crimes.