Public Insight: South Korea’s Government Officials To Openly Share Crypto Assets In 2024

From 2024 onwards, close to six thousand South Korean authority figures must ope­nly share their crypto asse­ts. On Dec 27, the Ministry of Personnel Management of the nation declared that information about government officials’ crypto asset ownership will form part of the Public Official Ethics System.

Earlier, certain South Korean civil servants revealed their cryptocurrency holdings either through the government’s official gazette or on the websites of ministries and parliamentary chambers.

However, by implementing the Public Official Ethics System, Korean citizens will have access to declarations from at least 5,800 officials in 2024.

Commencing in June 2024, five prominent South Korean cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—will introduce distinct “information provision systems,” streamlining the process for registering information related to cryptocurrency holdings.

From Wemix To Legislation: Unraveling The Crypto Saga In South Korean Politics

In May 2023, Kim Nam-kuk, a member of the Democratic Party, faced scrutiny after it was discovered that he had previously possessed a minimum of $4.5 million worth of Wemix (WEMIX) tokens created by the South Korean blockchain game developer Wemade.

Moreover, Kim’s ownership of Wemix raised considerable apprehensions regarding possible conflicts of interest, the use of insider information, and even allegations of money laundering.

Responding to the incident, the National Assembly of South Korea unanimously voted to amend the National Assembly and Public Service Ethics Act. The amendments now mandate the compulsory disclosure of cryptocurrency assets by civil servants.

In Nov, the Democratic Party of Korea, commanding 167 seats out of 300 in the National Assembly, mandated that its potential candidates reveal their holdings of digital assets on their party profiles.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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