South Korea refers around 40 unregistered crypto firms to law enforcement

South Korea's Financial Intelligence Unit (FIU) has referred around 40 unregistered virtual asset service providers to law enforcement agencies, Newsis reported. The outlet noted that because these unregistered businesses are not subject to the country's Virtual Asset User Protection Act or the Act on Reporting and Using Specified Financial Transaction Information, they are vulnerable to risks such as personal data leaks and hacking. They can also be exploited for money laundering and concealing criminal funds.