South Korean officials will be required to declare cryptocurrencies

The officials need to declare the presence of digital assets in excess of $760

25.05.2023 - 09:45

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What’s new? The National Assembly of the Republic of Korea unanimously passed a bill that requires lawmakers and other high-ranking officials to disclose digital assets worth more than 1 million won ($760). The initiative to declare cryptocurrencies aims to increase transparency among government officials. The disclosure requirement will take effect on January 1, 2024, the local publication News1 reports.

News on the News1 website

What else is known? Until the bill was passed, officials were required to disclose the ownership of stocks, bonds, jewelry, and gifts worth more than 1 million won. Now, this list will include cryptocurrencies as well. The bill aims to increase transparency and accountability as well as protect the cryptocurrency market and prevent potential crimes.

Work on the bill began after information about Democratic Party lawmaker Kim Nam-kuk’s significant cryptocurrency savings, which contradicted data from his declarations, surfaced earlier this year.

Officials generally accelerated the adoption of cryptocurrency regulations in May 2022, when the collapse of the blockchain ecosystem Terra, founded by South Korean citizen Do Kwon, caused multibillion-dollar losses for investors around the world. In April, authorities proposed a comprehensive bill aimed at tightening penalties for cryptocurrency-related offenses. Terms of imprisonment for such offenses range from a year to life.

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Earlier, South Korea’s Ministry of Justice announced plans to implement a cryptocurrency tracking system to counter money laundering and recover funds related to criminal activity. It will be used to monitor transaction history, extract related information, and verify the source of funds.

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