Upbit trading volume spikes 273% as South Korean investors re-enter crypto
One analyst said South Korean capital is slowly moving back to crypto, as investors are 'return-chasing' rather than 'asset-loyal.'
South Korean lawmakers are pushing for expanded powers for the Financial Intelligence Unit (FIU) to better oversee unregistered cryptocurrency firms. A bill has been introduced to amend the existing financial law, granting the FIU authority to investigate suspected violations and directly refer unregistered crypto operators to law enforcement agencies.
The People Power Party lawmaker Eom Tae-young, along with nine fellow lawmakers, filed the bill on Thursday. The proposed amendment would allow anyone to report suspected violations to the FIU, which could then investigate and analyze the alleged offenses. If necessary, the agency could file complaints with relevant authorities, request criminal investigations, or provide information to investigators.
The bill is currently in its introduction stage and must be approved by the National Assembly before it can be enacted. Currently, the FIU identifies suspected unregistered operators but leaves the investigation to police and other authorities. However, between August 2022 and August 2025, police suspended investigations or preliminary inquiries into 23 out of 25 unregistered virtual asset service providers referred by the FIU, according to Yonhap news agency. These companies and their related individuals were reportedly based overseas.
Crypto companies operating in South Korea are required to register with the FIU. In June, the regulator reported that 28 providers were registered, and it had referred 40 suspected illegal operators to investigative authorities.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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