South Korean lawmakers are pushing a bold new bill to give the Financial Intelligence Unit real investigative power over unregistered crypto firms, aiming to close loopholes that let shady operators fly under the radar. Currently, the FIU can spot violations but must rely on police—often stalling or dropping cases, especially for overseas firms. The proposed law would let anyone report suspicious activity, empower the FIU to investigate and file criminal complaints, and ensure cases move forward without delay. If passed, it could reshape South Korea’s crypto regulatory landscape, aligning with global efforts to bring accountability to virtual asset service providers.
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