South Korea to enforce cryptocurrency reporting for 5,800 officials by 2024
The South Korean government is taking steps to enhance transparency and accountability in the public sector by requiring nearly 6,000 officials to disclose their cryptocurrency holdings by 2024.
In a press release issued on December 27th, the Ministry of Personnel Management announced that starting from January 1st, 2024, around 5,800 public officials will be obligated to disclose their financial assets, including virtual currencies, through the Public Ethics Transparency System. This initiative aims to strengthen citizens’ right to information and promote transparency in public service.
Previously, it was inconvenient for individuals to access asset disclosure details as they had to search through various bulletins and publications. However, the updated system will provide a centralized platform where asset registration details of all public officials from different institutions can be viewed, along with bulletins and publications.
It is estimated that approximately 290,000 individuals will be required to submit their asset registrations through the system in the upcoming annual asset change report. The asset details of about 5,800 public figures will be disclosed collectively.
From June 2024 onwards, leading South Korean cryptocurrency exchanges such as Upbit, Bithumb, and Coinone will facilitate the reporting of crypto holdings for asset registration. The government hopes that this system will help eliminate any gaps in asset registration and align public ethics with citizens’ expectations, according to the Minister of Personnel Management, Kim Seung-ho.
In related news, South Korean regulators have called for public reports on unlicensed cryptocurrency exchanges. Stay updated with the latest developments by following us on Google News.
