South Korean Authorities Propose Crypto Holdings Disclosure by Officials

• Yun requested that the new crypto regulations be brought up from December. 
• A legislative committee unanimously approved the updated Public Service Ethics Act.

The People’s Power Party (PPP), the governing party in South Korea, has proposed a new bill urging lawmakers and other high-level government officials to implement crypto legislation and regulations as soon as possible. This request was made on Tuesday, May 23. PP House Leader Yun Jae-ok addressed the press with these comments.

He requested that the implementation of new crypto regulations be brought up before December. Rep. Jae-ok chimed in, saying the law has to be amended to include a provision speeding up enforcement since the existing schedule is too late.

Full Crypto Holdings Disclosure

On Monday, May 22nd, a legislative committee unanimously approved the updated Public Service Ethics Act. According to Yonhap News, Yun Jae-ok approached a top member of the Public Administration Committee and requested a revised proposal.

The rep stated:

“Given the current high level of public interest, especially regarding lawmakers, it’s not appropriate to enforce the law six months later after the promulgation”.

In addition, the measure mandates that all government employees, including parliamentarians, must include cryptocurrency holdings in their required annual financial statements. After a recent crypto incident involving now-independent member Kim Nam-kuk. The measure also intends to provide more openness in the holdings of parliamentarians.

In 2021, Kim, a member of the Democratic Party, which was in opposition, controlled over 800,000 Wemix coins, which were valued at about 6 billion won (US$4.5 million). Kim did not include them in his personal asset reports, unlike cash, equities, and bonds. Yun also speculated that Kim had cashed 250 million won in coins in February, raising more questions. Yun said that Kim may be engaging in cryptocurrency-related money laundering activities.