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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.