Bill seeks to give South Korea’s FIU power to crack down on unregistered crypto firms

A bill has been introduced to give South Korea’s Financial Intelligence Unit authority to crack down on unreported virtual asset service providers, Digital Asset reported. According to the report, 10 lawmakers including People Power Party Rep. Eom Tae-young proposed the amendment to the law on specific financial information on Aug. 20. The bill would allow anyone to report suspected violations of the law to the FIU chief. It also would allow the FIU chief to take necessary steps, including investigations and analysis, if a report is filed or if there are reasonable grounds to suspect a violation, and to file complaints with relevant investigative agencies, request investigations, or provide necessary information.