South Korean lawmakers led by People Power Party Representative Eom Tae-young and nine colleagues introduced a bill on Thursday to strengthen enforcement against unregistered virtual-asset operators. The measure would add a new article to the Act on Reporting and Using Specified Financial Transaction Information, giving the Financial Intelligence Unit (KoFIU) legal authority to accept public tips on violations, conduct direct investigations and analysis, file complaints, and refer cases to police or prosecutors. Unregistered VASPs face up to five years in prison or fines of up to 50 million won. The bill remains at the introduction stage and must pass the National Assembly before it can amend the existing law. Existing data show the FIU referred 28 cases to police from August 2022 to August 2025, but police suspended investigations or preliminary inquiries into 23 of 25, with many cases involving overseas-based operators. On June, KoFIU stated 28 providers were registered and had referred 40 suspected illegal operators to investigative authorities.