In South Korea, a new law will soon make the cryptocurrency and other asset holdings of around 5,800 government employees publicly accessible, in a move to enhance transparency.
From the following year, these officials will use a unified asset declaration platform, as announced by the Ethics Policy Division of South Korea in a recent statement.
Presently, such disclosures are published in official gazettes, but the upcoming legislation will facilitate access to this information through the Public Official Ethics System (PETI).
Following a prominent scandal involving a legislator, South Korea passed new laws in May that mandate public officials to reveal their cryptocurrency holdings. This legislation is part of an effort to increase transparency and accountability among government employees.
Kim Seung-ho, director of personnel management, stated :
“We expect that the transparency of the public service community will be further increased through the implementation of an integrated service for public official property disclosure and property registration of virtual assets.”
Beginning in June 2024, prominent South Korean cryptocurrency exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax are set to implement information provision systems. These systems are designed to assist in tracking the holdings of individuals, as highlighted in a recent announcement.