South Korea to Require Public Officials to Disclose Crypto Holdings
Starting next year, high-ranking public officials in South Korea will be required to disclose their cryptocurrency holdings, according to the country’s personnel ministry. The Ministry of Personnel Management announced that approximately 5,800 public officials will have to disclose their property details, including cryptocurrencies, on the government’s “Public Ethics and Transparency Initiative” system. This measure comes after two bills were passed in May, which made crypto assets part of the annual asset disclosure for elected and high-ranking government officials.
Enhancing Transparency in Public Service
The implementation of an integrated public disclosure service and the registration of virtual assets is expected to enhance transparency in the public service, according to Kim Seung-ho, the minister of personnel management. The ministry also mentioned that major domestic crypto exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax plan to develop a separate information system by June next year for property registration.
New Legislation for Crypto Investor Protection
In June, South Korean lawmakers passed new legislation consisting of 19 crypto-related bills aimed at better protecting crypto investors. This legislation grants regulatory authority to the Financial Services Commission (FSC) and the Bank of Korea over crypto operators and asset custodians. Additionally, starting from next year, domestic companies will be required to disclose their cryptocurrency holdings under new accounting rules set by the FSC. These rules will also mandate crypto issuers to disclose token details, business models, and internal accounting policies.
Hot Take: South Korea Takes Steps Towards Crypto Regulation and Transparency
South Korea continues its efforts towards regulating and increasing transparency in the cryptocurrency industry. By requiring high-ranking public officials to disclose their crypto holdings and implementing an integrated public disclosure service, the government aims to enhance accountability and trust. The new legislation passed in June further strengthens investor protection by granting regulatory oversight to the FSC and the Bank of Korea. With these measures, South Korea is positioning itself as a leader in crypto regulation and paving the way for a more secure and transparent crypto ecosystem.
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