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South Korea Implements Crypto Asset Report for Officials in 2024

Starting in 2024, South Korea mandates crypto asset reports for government officials, aiming to enhance transparency in public service.

ShahZaib Ahmed

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The Ministry of Personnel Management in South Korea recently declared a new rule: from 2024, senior government officials will have to disclose their cryptocurrency holdings. This measure follows the enactment of two significant bills in May, incorporating crypto assets into the annual asset declaration process for public servants. Starting in 2024, South Korea mandates crypto asset reports for government officials, aiming to enhance transparency in public service.

Crypto Holdings Disclosure Mandate

The new regulation will impact approximately 5,800 public officials. They are expected to provide detailed information about their property, including cryptocurrency holdings, through the government’s “Public Ethics and Transparency Initiative” system. This digital platform streamlines the submission and monitoring of assets, enhancing transparency in the public sector.

Also Read: South Korea Sees a Huge Crypto Craze (Survey)

Minister Kim Seung-ho, leading the Ministry of Personnel Management, emphasized the importance of this integration. He noted that including virtual asset registration in public reports is a critical step toward reinforcing the government’s commitment to ethical conduct and openness.

Broader Regulatory Efforts and Crypto Integration

South Korea‘s strategy to regulate the cryptocurrency market is furthered by this initiative. South Korean legislators recently enacted 19 cryptocurrency-focused bills to ensure investor safety, assigning oversight responsibilities to the Financial Services Commission and the Bank of Korea for crypto operators and custodians. These regulatory changes, including new accounting rules, underscore a responsibility for transparency and accountability in cryptocurrency dealings.

Collaboration with Major Crypto Exchanges

South Korea’s top five cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—plan to establish a specialized information system by mid-next year. This collaborative effort between the government and these exchanges is key to streamlining the registration process, ensuring accuracy, and leveraging existing crypto infrastructure for effective implementation of the new disclosure requirements. This partnership highlights South Korea’s synergistic approach to enhancing the efficiency and reliability of public service property registration.

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