South Korea Will Publicize Officials’ Crypto Disclosures

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Last Updated on December 28, 2023 by Bitfinsider

In an effort to increase transparency, South Korea is releasing the cryptocurrency and other asset holdings of some 5,800 public officials to the general public through new law.

The Ethics Policy Division of South Korea announced in a post on Wednesday that public officials will receive an integrated asset disclosure service beginning in the next year. Although asset disclosures are now published in official gazettes, the new law will make the data accessible via the Public Official Ethics System (PETI).

May saw the passage of new legislation mandating public officials to declare their cryptocurrency holdings in the wake of a high-profile case involving a politician.

The director of personnel management, Kim Seung-ho, stated in a post on Wednesday that “we expect that the transparency of the public service community will be further increased through the implementation of an integrated service for public official property disclosure and property registration of virtual assets.”

The release also stated that information provision systems will be implemented by cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax to aid with holdings tracking beginning in June 2024.

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