La Corée du Sud riposte : le régulateur financier propose un système de gel des paiements pour traquer les manipulateurs de crypto

Le régulateur sud-coréen passe à l'offensive. La Financial Services Commission (FSC) dévoile un projet de cadre autorisant le gel des paiements suspects liés aux cryptomonnaies – une arme directe contre le wash trading et les manipulations de marché.

Un outil chirurgical pour le régulateur

Le mécanisme envisagé permettrait aux autorités de geler temporairement les transactions sur les plateformes d'échange lors d'enquêtes pour manipulation présumée. L'objectif est clair : couper net les flux financiers illicites avant qu'ils ne disparaissent dans la blockchain, offrant une fenêtre d'intervention cruciale.

Un signal fort pour l'écosystème

Cette initiative s'inscrit dans une volonté plus large d'assainissement du marché. Elle vise à renforcer la crédibilité du secteur face aux investisseurs institutionnels, souvent rebutés par son opacité et sa volatilité perçue. Une manœuvre qui pourrait, à terme, fluidifier l'adoption.

Le paradoxe de la régulation

Ironie du sort : cette quête de légitimité passe par des outils de contrôle centralisés que les cryptos étaient censées contourner. Une piqure de rappel que dans la finance, qu'elle soit traditionnelle ou décentralisée, le régulateur finit toujours par frapper à la porte – avec ou sans mandat.

FSC proposes a payment freeze to prevent virtual asset losses

At the FSC meeting, the committee noted that, under the current Virtual Asset User Protection Act, the confiscation or recovery of unlawful gains from virtual assets typically requires a prosecutor’s investigation. The Commission also noted that seizing illegal gains from virtual assets requires a court warrant, which raises the risk of assets being transferred during this time period.

One committee member cited the mechanism for suspending payments for accounts suspected of stock manipulation. The suspension of payments was implemented through the modification of the Capital Markets Act in April of last year.

In September of last year, the Joint Stock Price Manipulation Eradication Task Force uncovered the “first scandal” and suspended payments to 75 accounts in a 100 billion won stock price manipulation case involving a coalition of affluent individuals. The scandal was the first domestic case handled by the joint task force against stock manipulation, involving the preemptive freezing of accounts suspected of unfair trade.

At the time of suspension, the alleged offenders had mobilized around 100 billion won and generated 40 billion won in market profits. Of this, 20 billion won was realized, with the remaining 20 billion won as unsold stocks. The financial regulators froze the accounts, preventing gains from being withdrawn. 

The Joint Stock Price Manipulation Eradication Task Force was formed in July of last year. The task force includes officials from the FSC, the Financial Supervisory Service (FSS), and the Korean Exchange. The task force was formed to detect and investigate illegal and unfair stock trading practices, a key policy emphasized by President Lee Jae Myung.

During the meeting, the member in question stated, “The suspension of payments on 75 accounts in Case No. 1 was very strong,” adding, “That way, we can freeze unrealized profits so they cannot be sold.” It would be beneficial to have a comparable suspension scheme in the Virtual Assets Act.”

Newsis, a local news outlet, disclosed that during the meeting, a member commented that suspension of payments is a first step to collection and preservation, so it would be prudent to undertake it in advance. The member urged the committee to consider how many of the provisions in the Capital Markets Act on unfair trade practices can be represented in the Phase 2 Virtual Assets Act bill,” reaching an agreement.

The local news outlet reported that some committee members argued that such a system is even more crucial in the case of virtual assets, which are particularly easy to conceal once transferred to personal wallets.

Cyptopolitan revealed that between 2020 and September of last year, FSC froze crypto assets worth $18.9 million in 30,106 cases. 

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