May 29, 2024
South Korean Officials to Disclose Cryptocurrency Holdings in 2024
Latest Cryptocurrency News

South Korean Officials to Disclose Cryptocurrency Holdings in 2024

Starting in 2024, nearly 6,000 South Korean officials will be required to publicly reveal their cryptocurrency holdings through the Public Official Ethics System. The Ministry of Personnel Management announced on December 27 that information about government officials’ private crypto assets will be integrated into the system. While some civil servants had previously disclosed their crypto holdings in official publications or ministry websites, the new system will grant Korean citizens access to at least 5,800 officials’ declarations in 2024.

From June 2024, five major South Korean crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—will introduce separate “information provision systems” to streamline the registration of crypto holding details.

This move follows an incident in May 2023 involving Democratic Party member Kim Nam-kuk, who faced criticism for holding at least $4.5 million in Wemix (WEMIX) tokens from South Korean blockchain game developer Wemade. The revelation raised concerns about conflicts of interest, potential use of insider information, and even money laundering. In response, South Korea’s National Assembly unanimously voted to amend the National Assembly Act and the Public Service Ethics Act, mandating civil servants’ disclosure of crypto assets.

Furthermore, in November, the Democratic Party of Korea, holding 167 out of 300 seats in the National Assembly, required its potential candidates to disclose their digital asset holdings on their party profiles. These measures aim to enhance transparency and prevent conflicts of interest among government officials regarding their cryptocurrency holdings.

Photo by byunghyun lee

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