[South Korea Proposes Legal Amendment to Grant FIU Direct Enforcement Authority to Crack Down on Unregistered Crypto Exchanges] According to Digital Asset, on August 20, ten members of South Korea's People Power Party, including Representative Yom Tae-young, proposed an amendment to the 'Act on Reporting and Using Specified Financial Transaction Information' to grant the Financial Intelligence Unit (FIU) direct enforcement authority over unregistered virtual asset service providers. Under the amendment, anyone can report illegal activities to the FIU. Upon receiving a report or identifying suspected violations, the FIU can conduct investigations and analyses, and transfer or report cases to investigative agencies. The proposal highlights that while current laws impose reporting and anti-money laundering obligations on virtual asset service providers, they lack direct enforcement measures against unregistered operators. This creates risks of crimes such as money laundering and illegal cross-border transfers, which cannot be swiftly addressed through inter-agency coordination alone.