South Korean lawmaker proposes bill to prevent crypto mispayments

Baek Seon-hee, a lawmaker from South Korea's Rebuilding Korea Party, proposed an amendment to the Act on the Protection of Virtual Asset Users on June 4. The move follows a large-scale Bitcoin mispayment incident at a domestic crypto exchange earlier this year. According to The Herald Business, the proposed amendment would require virtual asset service providers to establish and operate an information processing system that links actual asset balances with internal ledgers in real-time. The bill also mandates a feature to automatically restrict or halt transactions in the event of abnormalities, such as balance discrepancies or unusual large-scale transfers.