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Mastering Transparency: South Korea Reveals Crypto Holdings of 5,800 Public Officials

Last Updated December 27, 2023 1:06 PM
Teuta Franjkovic
Last Updated December 27, 2023 1:06 PM

Key Takeaways

  • A new law in South Korea will soon make the crypto and other asset holdings of government employees publicly accessible.
  • These officials will use a unified asset declaration platform to disclose their holdings.
  • The legislation is part of an effort to increase transparency and accountability among government employees.
  • Crypto exchanges Upbit and Bithumb will implement information provision systems to track the holdings of individuals.

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.

South Korea To Make Crypto Holdings Of Govt Employees Public

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.

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