South Korea will require high-ranking public officials to disclose their crypto holdings

in hpl •  10 months ago 

Starting next year, South Korea will require approximately 5,800 high-ranking public officials to disclose their crypto holdings as part of an initiative to increase transparency in public service. This measure was enacted after the passage of two bills in May, mandating the inclusion of crypto assets in the annual asset disclosure for elected and high-ranking officials. The Ministry of Personnel Management has stated that the details of such disclosures will be accessible on the government's "Public Ethics and Transparency Initiative" system (PETI), a portal designed to manage and review the property disclosures of public officials​​.

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The five major domestic crypto exchanges in South Korea — Upbit, Bithumb, Coinone, Korbit, and Gopax — are expected to develop separate information systems by June next year, which will be used for property registration​​.

These actions are part of broader legislative efforts to better protect crypto investors, with 19 crypto-related bills passed in June giving the Financial Services Commission (FSC) and the Bank of Korea oversight authority over crypto operators and asset custodians. Additionally, from next year, domestic companies will be required to disclose cryptocurrency holdings under new accounting rules, which will also necessitate crypto issuers to disclose detailed information, including token details, business models, and internal accounting policies​​.

The scope of openness includes top public officials and is designed to enhance transparency and accountability, potentially impacting how the public perceives the integrity of public service and trust in the cryptocurrency market's regulation and oversight within South Korea.

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