South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report

The new rule was fueled by conflict of interest worries.

AccessTimeIconMay 25, 2023 at 1:52 p.m. UTC

Lawmakers in South Korea passed legislation on Thursday that will require officials to report their crypto holdings, local outlet News1 reported.

The "Kim Nam-kuk Prevention Act" passed the plenary session of the National Assembly on Thursday via amendments to the National Assembly Act and the Public Service Ethics Act, both of which were approved without a dissenting vote, according to the story.

That officials disclose their crypto holdings became an important topic after suspicions emerged that former Democratic Party lawmaker Kim Nam-kuk possessed up to 6 billion won ($4.5 million) worth of crypto, raising conflict of interest alarm bells, the report said. Lawmakers recently called for the bill to take effect within two months.

With passage, crypto holdings would be included under the private interests that members of the country's National Assembly need to report.

The amendment to the Public Services Ethics Act extends to other high ranking government officials, who will also need to disclose their crypto holdings, News1 reported.

Edited by Stephen Alpher.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.