Time is Running Out for Public Officials: They Will Have to Declare Bitcoin and Cryptocurrencies as of 2024!

While South Korean investors were influential with their transactions in the cryptocurrency sector, a new step came from the South Korean government.

The country’s Ethics Policy Board said in a statement that starting next year, a system will come that will allow public officials to disclose their assets such as Bitcoin (BTC) and cryptocurrencies.

At this point, the South Korean government aims to make the cryptocurrency and other assets of approximately 5,800 public officials publicly available within the scope of new legislation aimed at increasing transparency.

The following statements were made in the statement:

“We expect the transparency of the public service community to be further increased through the implementation of the service of public disclosure of cryptocurrencies and other assets held by public officials.

While we continue to establish public service ethics, we will also make comprehensive preparations to ensure that improvements in the crypto sector are implemented without disruption. “We will explore various ways to achieve this.”

In the statement, it was also stated that the country’s largest cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, will have systems that enable the tracking of cryptocurrencies held by public officials as of June 2024.

As you may remember, a member of parliament’s suspicious cryptocurrency transfer in May 2023 attracted attention.

After this incident, South Korean lawmakers approved a law that would require lawmakers and high-ranking officials to report cryptocurrency investments.

*This is not investment advice.