The introduction of the new rule was driven by concerns about potential conflicts of interest.
Lawmakers in South Korea have approved a new law that mandates officials to disclose their cryptocurrency holdings, as reported by local outlet News1.
On Thursday, the “Kim Nam-kuk Prevention Act” was successfully passed in the National Assembly’s plenary session. The amendments to the National Assembly Act and the Public Service Ethics Act, which were necessary for this law, were also approved unanimously, without any opposing votes.
The requirement for officials to reveal their cryptocurrency holdings became a significant matter due to suspicions surrounding former Democratic Party lawmaker Kim Nam-kuk, who was believed to possess crypto assets worth up to 6 billion won ($4.5 million). This raised concerns about potential conflicts of interest. Lawmakers have recently urged for the bill to be implemented within two months.
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With the approval of the law, cryptocurrency holdings would now be considered part of the private interests that members of South Korea’s National Assembly are required to disclose.
According to News1, the amendment to the Public Services Ethics Act will also apply to other senior government officials, who will be required to disclose their cryptocurrency holdings.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
