South Korean lawmakers introduced a bill on Thursday to expand the Financial Intelligence Unit’s authority over unregistered crypto firms. The proposal amends the Act on Reporting and Using Specified Financial Transaction Information and would permit any person to report suspected violations to the FIU. The FIU would be able to analyze alleged breaches, file complaints with relevant authorities, request criminal investigations and share information with investigators. Legislators filed the bill, led by People Power Party lawmaker Eom Tae-young and nine others. The bill remains at the introduction stage and must be approved by the National Assembly before the law can be amended. Currently, the FIU identifies suspected unregistered virtual asset service providers, but investigations are handled by police and other agencies. Police have suspended inquiries in 23 of 25 cases referred by the FIU between August 2022 and August 2025, according to Yonhap. The entities and individuals involved were reported to be based overseas. South Korean crypto firms that serve domestic customers are required to register with the FIU. The regulator reported in June that 28 providers were registered and that it had referred 40 suspected illegal operators to investigative authorities. The legislation seeks to address gaps in enforcement and may increase oversight of foreign‑based crypto operations. Its progress will be determined through parliamentary review.