South Korean authorities will announce crypto assets in 2024
Starting in 2024, approximately 6,000 South Korean officials will be required to publicly declare their crypto holdings. On December 27, the Ministry of Personnel Management of the country announced that the information on private crypto assets of government officials will be included in the public official code of conduct.
In the past, some Korean civil servants have disclosed their crypto holdings in the government's official gazette or on the websites of ministries or parliamentary chambers, but under the Public Official Conduct System, Korean citizens will receive at least 5,800 official statements by 2024.
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Starting in June 2024, five major South Korean crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax – will launch separate “information delivery systems” to simplify the registration of information about crypto holdings.
In the year In May 2023, Democratic Party member Kim Nam-kook came under fire when it was revealed that he held at least $4.5 million in Wemix (WEMIX) tokens developed by South Korean blockchain game developer Wemade. Kim's ownership of Wemix has raised concerns about conflicts of interest, insider information and even money laundering.
In response to the incident, South Korea's National Assembly unanimously amended the National Assembly Act and the Public Service Code of Conduct to mandate mandatory crypto assets for civil service employees.
In November, the Democratic Party of Korea, which holds 167 of the 300 seats in the National Assembly, required candidates to disclose their digital assets on their party profiles.
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