South Korea to Require Disclosure of Crypto Holdings by Public Officials
Nearly 6,000 South Korean officials will be required to disclose their crypto holdings in 2024 as the country aims to enhance transparency and accountability within the public sector. The Ministry of Personnel Management announced that starting January 1, 2024, approximately 5,800 public officials will have to disclose their financial holdings, including virtual assets, through the Public Ethics Transparency System. This initiative seeks to strengthen citizens’ right to information and increase transparency in public service.
Improved System for Asset Disclosure
The previous method of checking asset disclosure details was inconvenient and time-consuming. The updated system will provide a unified view of asset registration details for all public officials from different institutions, making it easier for individuals to access this information. It is estimated that about 290,000 registrants will submit their asset registrations through the system in the upcoming annual asset change report. The asset details of approximately 5,800 public figures will be disclosed collectively.
Crypto Exchanges’ Role in Reporting
Starting from June 2024, major South Korean crypto exchanges such as Upbit, Bithumb, and Coinone will facilitate the reporting of crypto holdings for asset registration. This collaboration aims to eliminate blind spots in asset registration and establish public ethics aligned with citizens’ expectations, according to Personnel Management Minister Kim Seung-ho.
Hot Take: Enhancing Transparency and Accountability in South Korea’s Public Sector
In a move towards greater transparency and accountability, South Korea has announced that nearly 6,000 public officials will be required to disclose their cryptocurrency holdings by 2024. This initiative aims to provide citizens with easy access to information while promoting transparency in public service. With an improved system for asset disclosure, individuals will have a unified view of asset registration details for all public officials. Additionally, major South Korean crypto exchanges will play a role in facilitating the reporting of crypto holdings for asset registration. By eliminating blind spots and establishing public ethics, South Korea is taking steps to meet citizens’ expectations and ensure accountability within the public sector.
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