Starting in 2024, high-ranking public officials in South Korea will be required to disclose their cryptocurrency holdings. The Ministry of Personnel Management announced that around 5,800 public officials will provide details about their assets, including cryptocurrencies, as part of the “Public Ethics and Transparency Initiative.”
The integrated asset disclosure service aims to improve transparency in public service by centralizing the registration and review of officials’ property. This initiative follows South Korea’s broader efforts to enhance crypto compliance, including requiring companies to disclose their crypto holdings and establishing a unit to combat crypto crimes.
The announcement reads: “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.”
“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 stated.
Kim Seung-ho, the Minister of Personnel Management, commented: “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 Korea has also passed several crypto laws this year. In June, the country required companies to disclose their crypto holdings. The Financial Service Commission (FSC) said that all companies that own or issue crypto in South Korea must report their holdings in their financial statements by 2024. The new accounting standards are set to take effect in January. The FSC said that the mandates are part of the government’s efforts to improve accounting transparency.
The country is also enforcing crypto compliance and has formed a unit to fight crypto crimes. As illicit activities involving digital assets rise, the South Korean government has set up an interagency investigation team to deal with the surge.
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