South Korean Officials to Publicly Disclose Crypto Assets from 2024
Summary:
Starting 2024, around 6,000 South Korean officials will be legally required to disclose their individual cryptocurrency assets as part of the Public Official Ethics System. The move follows a unanimous vote to amend public service ethics legislation in response to concerns over potential conflicts of interest and other ethical worries. Also, five major South Korean crypto exchanges are set to launch information provision systems to ease the registration of crypto asset details from June 2024.
Commencing 2024, close to 6,000 government officials in South Korea will be legally obligated to divulge their crypto assets in a transparent manner. An announcement was made on December 27 by the nation's Ministry of Personnel Management that the personal crypto possessions of state officials will be recorded in the Public Official Ethics System. In the past, several public servants from Korea shared the details of their crypto investments through the government gazette or via the websites of ministries or parliamentary chambers. However, entering the year 2024, the Public Official Ethics System will permit Korean citizens to view the public declarations of crypto holdings of nearly 5,800 officials. A related report suggests that the chief of South Korea's financial regulatory body will enter into a discussion concerning crypto with Gary Gensler.
Starting June 2024, five dominant South Korean cryptocurrency exchanges, namely, Upbit, Bithumb, Coinone, Korbit, and Gopax, are slated to commence unique "information provision systems" to streamline the process of registering details about crypto assets. In an incident dating back to May 2023, Kim Nam-kuk, a member of the Democratic Party, found himself amidst controversy when it was discovered that he had once possessed at least $4.5 million in Wemix (WEMIX) tokens, which were developed by Wemade, a blockchain game developer from South Korea. Kim’s Wemix holdings instigated considerable apprehensions about potential conflicts of interest, insider information usage, and possible money laundering. In response to this situation, South Korea’s National Assembly introduced amendments to the National Assembly Act and the Public Service Ethics Act, following a unanimous vote in favor of mandatory disclosure of crypto assets by civil servants. During November, the Democratic Party of Korea, which currently holds 167 out of the 300 seats in the National Assembly, mandated its potential candidates to divulge their digital assets holdings on their party profiles.
Published At
12/27/2023 1:31:22 PM
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