South Korea plans to legislate to allow financial authorities to freeze cryptocurrency accounts suspected of illegal transfers

According to Digital Asset, 15 people including Kim Sang hoon, a member of the National Power Party in South Korea, proposed amendments to the Specific Financial Information Act on July 28, allowing financial authorities to demand payment suspension for virtual asset accounts suspected of illegal asset transfers. The amendment defines an account as a unique identification number provided by the exchange to the user. The Financial Intelligence Analysis Institute may request a 30 day suspension of payments when the account is deemed suspicious, which can be extended once. Failure to comply will result in a fine of up to 100 million Korean won. The bill will take effect six months after its announcement.