South Korean Lawmaker Proposes Bill to Prevent Crypto Mispayments

A South Korean lawmaker has introduced a legislative amendment aimed at preventing cryptocurrency mispayments following a high-profile incident earlier this year.

The proposed amendment targets the Act on the Protection of Virtual Asset Users and seeks to mandate that virtual asset service providers implement a real-time information processing system. This system would continuously link actual asset balances with internal ledgers, ensuring immediate detection of discrepancies.

The bill also requires exchanges to incorporate an automatic feature that can restrict or halt transactions when abnormalities are detected. This includes scenarios such as balance mismatches or unusually large-scale transfers that deviate from normal user behavior.