South Korea Proposes Law to Freeze Suspected Illegal Crypto Accounts

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On July 28, 2026, South Korea’s National Power Party member Kim Sang-hoon and 15 others proposed an amendment to the Specific Financial Information Act related to counter-financing of terrorism. The bill empowers financial authorities to freeze virtual asset accounts suspected of illicit fund transfers, with an account defined as a unique identifier assigned by exchanges. The Financial Intelligence Unit may request a 30-day payment suspension, extendable once. Non-compliance may result in fines of up to 100 million KRW. The regulation will affect liquidity and crypto markets, taking effect six months after publication.

According to Digital Asset, on July 28, 15 lawmakers, including Kim Sang-hoon of South Korea’s People Power Party, introduced an amendment to the Specific Financial Information Act, permitting financial authorities to require a payment freeze on virtual asset accounts suspected of illegal asset transfers. The amendment defines an account as a unique identifier provided by exchanges to users, allowing the Financial Intelligence Unit to request a 30-day payment freeze upon identifying a suspicious account, with one possible extension. Failure to comply may result in fines of up to 100 million KRW. The bill will take effect six months after its publication.

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