South Korean lawmakers have introduced a bill to expand the Financial Intelligence Unit’s (FIU, the country’s financial-crime agency) authority over unregistered cryptocurrency businesses. The proposal would allow anyone to report suspected violations and enable the FIU to investigate, analyze cases, file complaints, request criminal investigations or share information with investigators. The measure follows reports that police suspended investigations or preliminary inquiries into 23 of 25 unregistered virtual asset service providers referred by the FIU between August 2022 and August 2025, with the companies and related individuals reportedly based overseas. Crypto companies serving South Korean customers must register with the FIU, which said in June that 28 providers were registered and 40 suspected illegal operators had been referred to investigative authorities. The bill remains at an early stage and must be approved by the National Assembly; until then, the existing enforcement framework remains in place.