Korean lawmakers intend to equip the Financial Intelligence Unit (FIU) with its own tools for cryptocurrency oversight

cryptonews.ruPublicado a 2026-08-22Actualizado a 2026-08-22

Resumen

South Korean legislators have introduced a bill aiming to grant the country's Financial Intelligence Unit (FIU) its own investigative powers to directly pursue unregistered crypto asset service providers. Currently, the FIU can identify such operators but relies on police for follow-up investigations, a process deemed slow and inefficient. Between August 2022 and August 2025, police suspended or closed 23 out of 25 cases referred by the FIU, often citing difficulties like operators being based overseas. The proposed amendment would allow the FIU to investigate tips, analyze information, file complaints, and request criminal probes itself. This move is part of broader efforts to tighten crypto regulation, which recently included implementing full "travel rule" requirements and stricter registration processes that have slowed new provider approvals. The FIU reported a significant rise in suspicious transaction reports last year, with about 90% linked to illegal cross-border remittance schemes. The bill has been submitted to a parliamentary committee but must pass further legislative steps to become law.

Ten South Korean lawmakers have proposed a bill that would allow the Financial Intelligence Unit to pursue unregistered cryptocurrency operators and refer cases to prosecutors.

South Korean police have closed nearly all cases referred to it by the Financial Intelligence Unit.

Ten lawmakers introduced bill No 2220655

The bill was introduced on Thursday by People Power Party lawmaker Ohm Tae-yung and nine other lawmakers. It amends the Act on Reporting and Using Specified Financial Transaction Information by adding a new provision, Article 15-4.

According to the South Korean legislative tracking portal, the bill was referred to the National Assembly's Political Affairs Committee, which oversees the Financial Services Commission, on August 21.

The bill still needs to undergo committee review and a floor vote. The wording may change during the review process, and bills introduced by individual lawmakers often fail to pass after the Assembly term ends.

Under the proposed plan, anyone will be able to report a suspected violation directly to the Financial Intelligence Unit (FIU). The unit will then be able to investigate the report, analyze it, file a complaint, request a criminal investigation, or refer information to investigators.

The Financial Intelligence Unit (FIU) is part of the Financial Services Commission (FSC) and manages the registration system that cryptocurrency companies serving Korean clients must join.

As of June, 28 service providers were registered with the commission, which reported referring information on 40 suspected illegal operators to investigative authorities.

Police delayed action on 23 out of 25 cases referred to the Financial Crime Unit

Between August 2022 and August 2025, the Financial Intelligence Unit referred the activities of 25 unregistered virtual asset service providers to the police for investigation.

However, the police suspended investigations or preliminary reviews for 23 of these cases. It is reported that most of these firms and their personnel are located overseas, making access difficult using existing procedures.

Currently, the Financial Intelligence Unit can flag a suspect for operating without registration, but for further investigation it must rely on the police and other agencies.

The bill's rationale states that reliance on inter-agency cooperation and formal investigation requests hampers rapid response.

The document warns that unregistered exchange points, which it calls "private exchange offices," could be used for money laundering, illegal foreign exchange, and illegal overseas remittances.

South Korea approved an amendment abolishing the 1 million won threshold for reporting cryptocurrency transfers.

The registration provisions took effect on August 20, with the full expansion of the "Travel Rule" to follow in February 2027, according to a previous Cryptopolitan report. The package also introduced a leverage ratio cap for exchange operators of 200% and stricter shareholder vetting.

In 2025, the FIU approved operations for only two new virtual asset service providers. This is fewer than the four approved the previous year. According to previous Cryptopolitan reporting, the average time required for approval increased from 11 to 16 months.

Last year in South Korea, suspicious transaction reports rose to 36,684, with about 90% related to illegal cross-border remittance schemes.

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Preguntas relacionadas

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

AThe main purpose of the bill is to grant the Financial Intelligence Unit (FIU) its own investigative and enforcement powers, allowing it to directly pursue and refer cases of unregistered cryptocurrency operators to prosecutors.

QWhy is the proposed amendment considered necessary by the lawmakers?

AThe amendment is considered necessary because the current system, which relies on cooperation with the police, is inefficient. The police have suspended investigations in most cases transferred by the FIU, often due to the overseas location of operators, leading to a slow response to violations.

QHow did the South Korean police handle the majority of the 25 cases referred by the FIU between 2022 and 2025?

AThe police suspended investigations or preliminary reviews for 23 out of the 25 cases. This was largely because the suspected firms and their employees were located overseas, making it difficult to access them using existing procedures.

QWhat are some of the risks associated with unregistered virtual asset service providers (VASPs) as mentioned in the bill's rationale?

AAccording to the bill's rationale, unregistered VASPs, described as 'private exchange offices,' pose risks of being used for money laundering, illegal currency exchange, and illegal overseas remittances.

QWhat recent regulatory changes have been implemented in South Korea regarding cryptocurrency transfers and service providers?

ASouth Korea has abolished the 1 million won threshold for reporting cryptocurrency transfers. New regulations also introduced a 200% debt ratio limit for exchange operators, stricter shareholder screenings, and the full expansion of the 'Travel Rule' will take effect in February 2027. Registration requirements for VASPs became effective in August.

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