South Korea Moves to Strengthen FIU Authority Over Unregistered Crypto Companies
TL;DR
- Legislative push: Lawmakers introduced a bill to expand FIU Authority and let the agency directly investigate unregistered crypto operators.
- Enforcement gaps: Police suspended most probes into FIU referrals, highlighting limits in current FIU Authority over offshore companies.
- Regulatory goal: The amendment aims to strengthen FIU Authority so the agency can better enforce registration rules for crypto firms serving Korean users.
South Korean lawmakers are pushing a new legislative effort that would significantly expand the FIU’s investigative reach over unregistered crypto operators. The proposal seeks to give the agency more direct power to act on suspected violations, marking a shift from the current system where the FIU must rely on police and other authorities to pursue cases. The debate comes amid concerns that many offshore companies serving local users have avoided scrutiny despite repeated referrals from regulators.
Lawmakers Introduce Amendment to Expand FIU Powers
The bill, filed Thursday by People Power Party lawmaker Eom Tae‑young and nine colleagues, aims to revise the Act on Reporting and Using Specified Financial Transaction Information. If passed, it would broaden FIU Authority by allowing the agency to investigate suspected violations, analyze reported cases, file complaints, request criminal probes and share information directly with investigators.
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