South Korean officials to disclose crypto assets in 2024
Starting in 2024, almost 6,000 South Korean officials will be obliged to publicly disclose their crypto holdings. The country’s Ministry of Personnel Management said on Dec. 27 that information about government officials’ private holdings of crypto assets will be included in the Public Official Ethics System.
Previously, some Korean civil servants disclosed their crypto holdings in the government’s official gazette or on the websites of ministries or parliamentary chambers, but with the Public Official Ethics System, Korean citizens will get access to at least 5,800 officials’ declarations in 2024.
Related: Head of South Korea’s financial regulator to discuss crypto with Gary Gensler: Report
From June 2024, five major South Korean crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — will launch separate “information provision systems,” simplifying the registration of information about crypto holdings.
In May 2023, a member of the Democratic Party, Kim Nam-kuk, came under fire when he was found to have once held at least $4.5 million in Wemix (WEMIX) tokens developed by the South Korean blockchain game developer Wemade. Kim’s ownership of Wemix spurred significant concerns over potential conflicts of interest, using insider information and even money laundering.
In reaction to the incident, South Korea’s National Assembly amended the National Assembly Act and the Public Service Ethics Act when it voted unanimousl y for civil servants’ mandatory disclosure of crypto assets.
In November, the Democratic Party of Korea, which holds 167 out of 300 seats in the National Assembly, obliged its prospective candidates to disclose their digital asset holdings on their party profiles as well .
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
AAVE soars 13% as buyback proposal passes among tokenholders
Troller Cat’s Tail Is Twitching—Something Big’s Brewing in The Upcoming Meme Coin Presale
Meme coins weren’t always taken seriously. They started as internet jokes with little utility and zero roadmaps.Troller Cat Isn’t Playing Around—This Meme Coin Is Armed With StrategyMeme Coin Culture in Latin America Is Roaring—and Troller Cat Fits Right InWhitelist Access: The Smartest Way to Get Ahead of the HerdConclusion: This Is the Meme Coin Presale to Watch—Before the Cat’s Out of the Bag

Ripple vs Ethereum: XRP Will Outperform ETH by 2028, Reveals Standard Chartered
BlackRock Remains Cautious in Recommending Cryptocurrencies to Large Investors
Trending news
MoreCrypto prices
More








