The Korean Financial Committee is considering introducing "payment freezing" to control accounts involved in cryptocurrency price manipulation during the early stages.

On January 6, according to NewSIS, the Korea Financial Services Commission is actively considering the introduction of a “payment freeze” system to freeze accounts suspected of manipulating cryptocurrency asset prices in the early stages, preventing suspects from transferring or concealing illegal proceeds during investigations. This measure is similar to the stock price manipulation account freeze system introduced through amendments to the Capital Markets Act in April last year. At the Financial Services Commission’s meeting in November last year, several members expressed support, believing that a similar mechanism should be incorporated into the second phase of the cryptocurrency asset legislation. Korean financial authorities pointed out that cryptocurrency assets are particularly easy to transfer to personal wallets and conceal. Currently, regulation can only prevent the inflow and outflow of funds on trading platforms but can still transfer to financial institutions for withdrawal. The new measure will help quickly prevent the concealment of criminal proceeds and provide safeguards for subsequent recovery.