South Korean Public Officials Ordered To Disclose Crypto Holdings

May 25, 2023

A new bill requiring public officials and candidates to disclose their crypto holdings from 2024 has been approved in South Korea.

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From Jan. 1, 2024, all high-ranking public officials above Grade 4 will be required to report their crypto holdings, regardless of the amount.

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Previously as well, the country’s Public Service Ethics Act required officials to disclose owned assets, but cryptocurrency wasn’t on the list.

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The bill also imposes a limit on the investment amount for an official involved in the crypto sector.

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The bill came into being after the scandal surrounding former lawmaker Kim Nam-kuk of the Democratic Party.

He’s under investigation for campaign finance violations, tax portals, and concealment of criminal proceeds surrounding his hidden crypto possessions and transactions.

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South Korea is also working on a two-part legal framework to bring regularity to the crypto market and increase transparency.

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