South Korea Passes Bills Requiring Officials to Disclose Crypto Assets

May 27, 2023

MCP News Free

South Korea Passes Bills Requiring Officials to Disclose Crypto Assets

Key Point

The new law mandates all top government officials and lawmakers to disclose their crypto assets as they do to other assets like gold, real estate, cash, and so on.

As a response to a recent scandal that saw a South Korean government official moving large amounts in crypto, a law that required the country’s legislators and government officials to declare their crypto assets has been passed.

The bill is an amendment to the National Assembly Act and Public Service Ethics Act both of which were ratified this week after receiving 100% backing from the lawmakers at the plenary sessions.

However, the National Assembly Act automatically puts crypto assets among the lists of registered assets by legislators; meanwhile, Public Service Ethics Act mandates top government officials and legislators to disclose their digital assets.

The above legislation was spurred by a recent revelation of a top government official, Kim Nam-kuk, who was formerly a member of the opposition Democratic party in South Korea, was exposed to at a time possessed $4.5 billion in Wemix tokens.

Already, assets such as real estate and stocks worth more than 10 million South Korean won are mandated to be declared by the country’s officials; the recent legislation has added crypto to the lists of assets that the government officers should declare, notably any crypto assets that are worth more than $760.

After the approval of the bill by the South Korean President, the country will join the likes of the US and the UK, which require government officials to disclose the worth of their crypto assets.

Notably, after the president signs the law, it will take effect in December this year.

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