South Korean lawmakers seek expanded FIU powers over unregistered crypto firms

cointelegraphPublicado a 2026-08-21Actualizado a 2026-08-21

Resumen

A group of South Korean lawmakers has introduced a bill to expand the Financial Intelligence Unit's (FIU) investigative powers over unregistered crypto businesses. The proposed amendment would allow the FIU to directly investigate and analyze alleged violations, file complaints, and request criminal probes, rather than relying solely on police. Currently, police have suspended most investigations into unregistered overseas-based firms referred by the FIU. Crypto firms serving South Korea must register, with 28 registered and 40 suspected illegal operators referred to authorities as of June.

A group of South Korean lawmakers has introduced a bill to amend an existing financial law and expand the Financial Intelligence Unit’s (FIU) authority to investigate unregistered crypto businesses.

On Thursday, People Power Party lawmaker Eom Tae-young and nine other lawmakers filed the bill, which aims to add a new provision to the Act on Reporting and Using Specified Financial Transaction Information.

Under the proposal, anyone could report suspected violations of the law to the FIU. The agency could investigate and analyze alleged violations, file complaints with the relevant authorities, request criminal investigations or provide information to investigators.

The bill remains at the introduction stage and must pass the National Assembly before it can amend the existing law.

Under the current system, the FIU identifies suspected unregistered operators but relies on police and other authorities to pursue investigations.

Police suspended investigations or preliminary inquiries into 23 of 25 unregistered virtual asset service providers referred by the FIU between August 2022 and August 2025, according to Yonhap. The companies and related individuals were reportedly based overseas.

Crypto companies serving South Korean customers must register with the FIU. The regulator said in June that 28 providers were registered and that it had referred 40 suspected illegal operators to investigative authorities.

Related: South Korea drops Travel Rule threshold for crypto transfers

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Preguntas relacionadas

QWhat is the main purpose of the bill introduced by South Korean lawmakers?

AThe main purpose of the bill is to amend an existing financial law to expand the Financial Intelligence Unit's (FIU) authority to investigate unregistered cryptocurrency businesses.

QWho filed the bill to expand the FIU's powers, and how many lawmakers supported it?

AThe bill was filed by People Power Party lawmaker Eom Tae-young and nine other lawmakers.

QWhat new capability would the FIU gain under the proposed amendment?

AUnder the proposal, the FIU could directly investigate and analyze alleged violations, file complaints, request criminal investigations, and provide information to investigators based on reports from anyone suspecting violations.

QWhat is a key limitation of the FIU's current system for handling unregistered crypto operators?

AUnder the current system, the FIU identifies suspected unregistered operators but must rely on police and other authorities to pursue investigations.

QWhat does the article reveal about police investigations into FIU-referred unregistered crypto providers between 2022 and 2025?

AAccording to the article, police suspended investigations or preliminary inquiries into 23 out of 25 unregistered virtual asset service providers referred by the FIU between August 2022 and August 2025, with the companies and individuals reportedly based overseas.

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