South Korea hands over about 40 unregistered virtual asset service providers to law enforcement

According to Newsis, the Financial Intelligence Unit (FIU) of South Korea has referred about 40 unregistered virtual asset service providers to law enforcement agencies for action. The report points out that these unregistered companies are not subject to the South Korean "Virtual Asset User Protection Act" and the "Specific Financial Transaction Information Reporting and Use Act," and therefore face risks such as personal data breaches and hacking attacks, and may also be used for money laundering and concealing criminal funds.