SOUTH KOREA CONSIDERS “PAYMENT SUSPENSION” MECHANISM TO FREEZE SUSPECTED CRYPTO MANIPULATION ACCOUNTS
According to Yonhap News, South Korea’s Financial Services Commission (#FSC ) is actively considering introducing a “payment suspension” system in the second phase of the Virtual Asset legislation. The mechanism would allow authorities to freeze accounts suspected of virtual asset manipulation before a criminal verdict, preventing the concealment or withdrawal of unrealized gains.
The proposal is modeled on a freeze mechanism already applied to stock market manipulation cases since 2023, and aims to strengthen enforcement against illicit crypto trading while improving asset preservation and investor protection.
#CryptoNews #Crypto
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SOUTH KOREA CONSIDERS “PAYMENT SUSPENSION” MECHANISM TO FREEZE SUSPECTED CRYPTO MANIPULATION ACCOUNTS
According to Yonhap News, South Korea’s Financial Services Commission (#FSC ) is actively considering introducing a “payment suspension” system in the second phase of the Virtual Asset legislation. The mechanism would allow authorities to freeze accounts suspected of virtual asset manipulation before a criminal verdict, preventing the concealment or withdrawal of unrealized gains.
The proposal is modeled on a freeze mechanism already applied to stock market manipulation cases since 2023, and aims to strengthen enforcement against illicit crypto trading while improving asset preservation and investor protection.
#CryptoNews #Crypto