South Korea's Financial Services Commission considers introducing a "payment freeze" system for those suspected of manipulating cryptocurrency asset prices.
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South Korea's Financial Services Commission considers introducing a "payment freeze" system for those suspected of manipulating cryptocurrency asset prices.
According to NewSIS, the Financial Services Commission of South Korea is actively considering introducing a "payment freeze" system, which would allow freezing the accounts of individuals suspected of manipulating cryptocurrency asset prices at an early stage, preventing them from concealing or withdrawing unrealized gains. This measure is similar to the stock price manipulation account freeze system introduced through amendments to the Capital Market Act in April last year. During the Financial Services Commission's regular meeting in November last year, several members expressed support for this, suggesting that a similar mechanism should be included in the second-phase cryptocurrency asset bill. Financial authorities pointed out that cryptocurrency assets are particularly prone to being transferred to personal wallets and concealed. Currently, regulations can only block deposits and withdrawals on exchanges, but funds can still be transferred to financial institutions for withdrawal. The new measure will help swiftly prevent the concealment of criminal proceeds and provide a basis for subsequent recovery.
Navigating Web3 tides with focused insightsTechFlow news, on January 6, according to NewSIS reports, the Financial Services Commission of South Korea is actively considering introducing a "payment freeze" system. This system would allow for the freezing of accounts belonging to individuals suspected of manipulating cryptocurrency asset prices at an early stage, preventing them from concealing or withdrawing unrealized profits.
This measure is similar to the stock price manipulation account freeze system introduced through amendments to the Capital Markets Act last April. During the Financial Services Commission's regular meeting in November last year, several commissioners expressed support, believing that a similar mechanism should be incorporated into the second-phase cryptocurrency asset bill.
Financial authorities pointed out that cryptocurrency assets are particularly prone to being transferred to personal wallets and concealed. Currently, regulations can only block deposits and withdrawals on exchanges, but funds can still be transferred to financial institutions for withdrawal. The new measures will help swiftly prevent the concealment of criminal proceeds and provide safeguards for subsequent recovery efforts.
