South Korean Regulators Plan Evidence-Based Crypto Blocks

TLDR

• South Korea is reviewing new rules to block unregistered overseas crypto exchanges.
• The proposed framework would target platforms linked to fraud, money laundering, and tax evasion.
• Regulators may use police reports and confirmed criminal cases to approve website restrictions.
• The FIU supports stronger action against foreign exchanges operating without local registration.
• The KCSC has questioned blocking platforms solely for lacking registration.

South Korean regulators are reviewing new rules to block access to illegal overseas cryptocurrency exchanges. The plan targets platforms linked to fraud, money laundering, tax evasion, and other financial crimes.

The Korea Communications Standards Commission and the Financial Intelligence Unit recently discussed possible blocking standards. Both agencies want faster action against foreign platforms that operate without local registration.

South Korea Considers Evidence-Based Blocking Rules

The proposed system would focus on exchanges where authorities have found clear evidence of user harm. Cases may involve investment scams, illegal foreign exchange deals, data breaches or tax-related offences.

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