South Korea announced that its high-ranking public officials must disclose their crypto holdings starting in 2024.
South Korea’s Ministry of Personnel Management announced that 5,800 public officials will disclose their property details, including crypto holdings, to the government’s “Public Ethics and Transparency Initiative.”
Improving Transparency in Public Service
According to an announcement from South Korea’s Ministry of Personnel Management, high-ranking public officials must disclose their crypto holdings starting next year.
The announcement states:
“The Ministry of Personnel Management (Director Kim Seung-ho) announced on the 27th that, following the promulgation of the revised Public Official Ethics Act on the 26th, an integrated asset disclosure service for public officials will be provided starting next year.”
The Ministry explained that public officials will disclose their holdings to the Public Ethics and Transparency Initiative. This initiative offers a portal that manages registration and reviews disclosure of public officials’ property.
“Asset disclosure details, which were previously made individually through official gazettes or gazettes by the public service ethics committees of each institution such as the government, the National Assembly, the Supreme Court, and the Constitutional Court, will be provided collectively in the revamped public service ethics system starting next year,” the announcement detailed.
South Korea’s new initiative aims to improve transparency in public service.
Kim Seung-ho, the Minister of Personnel Management, said:
“It is expected that the transparency of the public service will be further enhanced through the implementation of an integrated public disclosure service and the registration of virtual assets.”
South Korean Crypto Legislation
South Korea introduced a series of crypto legislation this year. In June, lawmakers mandated that companies disclose their cryptocurrency holdings. According to the Financial Service Commission (FSC), all companies that own or issue crypto in South Korea must disclose their holding in financial statements from 2024. The new accounting standards are expected to take effect in January. The FSC explained the mandates are part of the government’s efforts to enhance accounting transparency.
The country is cracking down on crypto compliance and has established a unit to combat crypto crimes. Amid rising illicit activities involving digital assets, the South Korean government launched an interagency investigation team to help manage the surge.
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