The South Korean government is implementing new laws requiring officials to report their holdings of cryptocurrencies like Bitcoin (BTC).
On May 25, South Korea’s National Assembly unanimously passed a bill mandating lawmakers and high-ranking public officials to report their crypto assets. According to local news agency News1, the bill involved amendments to the National Assembly Act and the Public Service Ethics Act.
The amendment to the National Assembly Act was passed with unanimous support of 269 lawmakers present. It places cryptocurrency in the list of registered property held by lawmakers. Meanwhile, the amendment to the Public Service Ethics Act obligates high-ranking public officials and members of the National Assembly to disclose cryptocurrency assets.
The South Korean government has responded to a government scandal involving National Assembly members moving large amounts of cryptocurrency. The new law is a legal initiative known as the Kim Nam-guk Prevention Law, which requires all crypto holdings over $760 to be included in wealth reporting by senior officials, like cash, stocks, bonds, gold, and other assets.
The new legislation was initially expected to take effect in December 2023 after a six-month grace period. However, some lawmakers are pushing for the change to be enforced by July.
