South Korean Financial Authorities Consider Introducing 'Payment Suspension' System Amid Cryptocurrency Market Manipulation Suspicions

According to reports from South Korean media on the 6th, it has been revealed that the South Korean financial authorities are actively considering the introduction of a 'payment suspension' system for suspects of cryptocurrency market manipulation. This system would enable the early freezing of accounts to prevent suspects from concealing or withdrawing unrealized illicit gains. During a regular meeting in November last year, the Financial Services Commission discussed a proposal for prosecuting cases involving suspects of cryptocurrency market manipulation. The meeting highlighted the need for preemptive measures to confiscate criminal proceeds or to preserve fines, noting that there are aspects of the current cryptocurrency user protection law that need to be supplemented.