South Korean officials will be required to declare cryptocurrencies
The officials need to declare the presence of digital assets in excess of $760
![South Korean officials will be required to declare cryptocurrencies](https://storage.getblock.net/source/1/UHeM_uXJGmlzeGnFogiFIsw0Z0BPWC4W.webp)
25.05.2023 - 09:45
180
2 min
0
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.
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.
![Montenegrin Prosecutor’s Office appeals court decision to release Do Kwon on bail](https://storage.getblock.net/source/1/XaRn7o9y5KbhSf1X4YkTUy0YGprQ54-E.png)
Montenegrin Prosecutor’s Office appeals court decision to release Do Kwon on bail
The founder of Terraform Labs will remain in custody pending an appeal by law enforcement officers
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.
Useful material?
Market
Australia’s largest financial institutions have refused to process payments to digital asset trading platforms due to the risk of fraud
Jul 26, 2024
Politics
According to the politician, the value of the country’s bitcoin reserves should equal the value of gold reserves
Jul 26, 2024
Mining
The capacity of the Bitaxe device used by the network participant is only 500 Gh/s
Jul 25, 2024
Trends
Meanwhile, Trump-inspired assets have not shown significant growth
Jul 22, 2024
Market
The fee will be as much as 2,5% compared to 0,25-0,19% for competitors
Jul 18, 2024
Market
This is the third consecutive month of decline
Jul 18, 2024