South Korea to Publicize Officials' Crypto Holdings: A Transparency Move

• South Korea Introduces New Legislation to Increase Transparency of Crypto and Asset Holdings of Public Officials
• Changes in Asset Disclosure
• New Laws on Crypto Holdings Disclosure
• Crypto Exchanges' Role in Transparency

South Korea Introduces New Legislation to Increase Transparency of Crypto and Asset Holdings of Public Officials

South Korea is set to reveal the crypto and other asset holdings of approximately 5,800 public officials. This forms part of new legislation which aims to improve transparency. From next year, the country's Ethics Policy Division will provide a unified asset disclosure service for public officials.

Changes in Asset Disclosure

Currently, asset disclosures are published in official gazettes. However, under the newly legislated system, this information will be accessible through the Public Official Ethics System (PETI).

New Laws on Crypto Holdings Disclosure

The laws mandating public officials to disclose their crypto assets were enacted in May, in response to a high-profile scandal involving a politician. Kim Seung-ho, the director of personnel management, stated that they anticipate increased transparency in the public service community with the implementation of this unified service for disclosure of public official property and registration of virtual assets.

Crypto Exchanges' Role in Transparency

By June 2024, crypto exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax plan to establish information provision systems. These systems will assist in tracking holdings, according to the announcement.

Edited by Jonathan Stoker